T he Ukraine peace process initiated by the Trump Administration—which this week saw Ukraine agree to a 30-day ceasefire and Russia respond with tough demands —has led to panic in European capitals about the U.S. abandoning its NATO allies, and their urgent need to be able to defend themselves against Russia. A measure of European rearmament is indeed desirable. But for European governments to do this in a mad rush and atmosphere of panic risks decisions that they will regret later, will