To mitigate the impact of a second Trump presidency, Nato countries should support the creation of an allied multilateral lending institution, in practice a Nato bank, it says. This could “save nations millions on essential equipment purchases, offer low interest rates on loans to alliance members and introduce a new line of financing with longer repayment timeframes. The bank would be funded with initial subscriptions from Nato members in return for authorised capital stock”.

I won’t pretend to understand the financial workings of this. Trump is a menace and NATO leadership has good reason to feel as they do. What that said though, I think this may be a good decision regardless of who wins the presidency.