”The power of trade can be seen in the revolution in Kiev after Ukraine rejected the EU’s proposed free-trade deal in November. The surprise is that America, and indeed European governments, had carelessly left such an explosive issue in the hands of EU technocrats.
Now that it finds itself in a dangerous confrontation with Russia, the EU has been more cautious about sanctions than America. It has declined to follow America in imposing travel bans and freezing the assets of Mr Putin’s business cronies. Many EU members oppose wider economic sanctions that will hurt some more than others. “Europeans are not from Venus. They are from Pluto—as in plutocrats who are only interested in making money from Russia,” was the scathing comment of one hawk.”