• Chancellor Friedrich Merz opens the 62nd Munich Security Conference by declaring the world has entered a new phase of open conflict reshaping global order.
  • The conference, attended by over 60 heads of state and 100 ministers, focuses on Russia's war in Ukraine, transatlantic tensions under US President Trump, and Europe's push for greater self-reliance.
  • Merz's economic priorities, including a capital markets union and fair competition, align with security themes as Europe seeks to strengthen its geopolitical position.

A Watershed Moment in Munich

German Chancellor Friedrich Merz delivered a stark keynote address at the Munich Security Conference on February 13, 2026, inaugurating the 62nd edition of the event with a declaration that the world has entered a new phase of open conflict that is fundamentally reshaping the global order. Speaking at 1:45 PM local time to an audience of over 60 heads of state, 100 foreign and defense ministers, and secured by 5,000 police, Merz framed the discussions amid Russia's war in Ukraine, now in its fifth year, and transatlantic strains under US President Trump.

Efforts to bolster Europe's defense and economic resilience have taken center stage, with Merz emphasizing the need for greater self-reliance. According to people familiar with the matter, his speech set the tone for a conference grappling with unprecedented security challenges. French President Macron followed later that day at 7:00 PM, after NATO Secretary General Mark Rutte called for a European "mindset shift" on defense spending, noting that Europe's increased outlays are correcting past US complaints and strengthening the alliance.

Economic Foundations Amid Security Upheaval

Just a day before the MSC, Merz outlined his economic priorities at an EU leaders' retreat on February 12, advocating for a capital markets union to boost private investment, a stronger single market, and defenses against unfair trade practices like market flooding with overcapacities—all without resorting to new protectionism. He rejected Eurobonds for EU financing, stressing fair competition and a "level playing field." These points, sources say, are directly tied to the security discussions in Munich, as Europe aims to project geopolitical interests independently amid what Foreign Minister Johann Wadephul termed a need for reliability in a rules-based order.

Franco-German coordination was evident, with Merz and Macron making a joint appearance, though differences persist on issues like protectionism. The EU's recent €90 billion loan to Ukraine, with €60 billion earmarked for defense and repayable only via Russian reparations, underscores the high stakes. US Secretary of State Marco Rubio, representing a US delegation amid strained transatlantic ties, is scheduled to address the event on February 14, potentially influencing dynamics as the conference runs through February 15.

Human Elements and Future Implications

Stakeholders include European citizens facing higher defense needs and Ukrainian supporters, highlighted by the new "Ukraine House" at the MSC. Protesters are expected against the Iranian government, signaling broader societal debates. Public discourse focuses on Europe's self-defense readiness, with leaders like Rutte urging mindset changes for stability. In his first MSC as chancellor, Merz echoes pre-event calls for a strong Europe, building on prior themes of transatlantic strains, such as J.D. Vance's 2025 remarks on European democracy.

Short-term, the MSC may yield commitments on Ukraine aid and EU defense, with Rubio's speech closely watched. Long-term, Europe aims for competitiveness and self-defense resilience, potentially via 2026 agreements on capital markets and emissions. Experts predict a stronger NATO from Europe's spending hikes, but concerns linger over European cohesion amid US uncertainties. As one attendee put it, "We're navigating uncharted waters, and every decision here could define our trajectory for years."