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Restarting Ukraine’s Economy

BRUSSELS – In capitals East and West, one question currently looms large: “Who lost Ukraine?” Unfortunately, that is not the most important question to be asking right now.

The more relevant question is how to stabilize the situation in Ukraine. Given that little can be done in practice to dislodge Russia from Crimea, the key challenge now is to keep the rest of the country united and to restart its economy, which is now in a state of suspended animation, owing to unsustainable fiscal and external deficits.