Jérôme Denariez

Debates about the war economy are often reduced to a question of volume: how many shells, drones, armored vehicles, billions? This reading is necessary, but insufficient. The war in Ukraine shows that a defense industrial base does not run on a single rhythm. It must simultaneously maintain platforms designed to last decades, mass-produce consumable equipment, modify systems within weeks, replace an unavailable supplier, finance ramp-ups in output, and keep producing even as its own industrial depth becomes a target.

France is not at war. Yet it is already paying the bill: costlier energy, disrupted supply chains, public finances under strain. Jérôme Denariez makes the case without detours — war is written into the accounts […]