Olaf Sleijpen: Standing with Ukraine, strengthening Europe - resilience, growth and stability
Speech by Mr Olaf Sleijpen, President of De Nederlandsche Bank, in a panel meeting with students at the National Bank of Ukraine, Kyiv, 16 February 2026.
It is a great honour to speak here today. Let me state clearly from the outset: the Netherlands stands firmly with the Ukrainian people in your fight against the barbaric Russian invasion. Our role as a central bank may be modest, but we are fully committed to doing our part to support you. On a personal note, this morning we visited the Wall of Remembrance for the Fallen Heroes. Being there was a deeply emotional moment, and it has strengthened our resolve to assist you in every way we can.
As you know, the EU itself is under great pressure to reform itself. The post war international order, based on the rule of law and free trade, is rapidly disappearing. It is being replaced by a world in which major powers seem to stop at nothing to get their way. For more than four years, you have been at the receiving end of the most extreme form of this kind of politics. But, albeit it to a far lesser extent, the countries of the European Union have also begun to feel the sharp winds of change.
We must come to terms with this new world order against the backdrop of the other main challenges we face: the continuing climate crisis, the risks related to the technological evolution, AI in particular, although this also brings new opportunities, and, in many European countries, an ageing population. For the EU, this means three things: we must strengthen our resilience, we must boost the growth potential of our economy, and we must continue to deliver stability in an unstable world.
Given the increasingly threatening situation, we at DNB have been working intensively to strengthen our contingency planning across a range of scenarios, from a major power outage to an all-out military conflict. Obviously, in this area, we can learn a lot from your experience. For more than four years you have managed to safeguard financial stability under the most extreme circumstances imaginable.
Ukraine is an integral part of Europe. Geographically, historically, and in the values we share. As such, Ukraine should become a member of the European Union.
Ukrainian membership would imply a big change for both your country and the EU, a change that would bring benefits to all of us. For the EU, Ukraine would bring military capabilities and experience that would greatly help to strengthen Europe's defences.
Ukrainian membership would increase the EU population by 45 million people and would give a boost to the single market. For Ukraine, EU membership, and adopting the regulations, institutions and liberalisation that come with it, would boost economic growth and prosperity, as many countries that joined the Union in recent decades have demonstrated.
It will not be an easy path. The economic transition will take time. For the EU, admitting a large country like Ukraine raises questions on the functioning of the Union, especially in the areas of decision-making and the European budget. But as I see it, these are challenges we must address anyway. Ukrainian membership could act as a catalyst for change within the EU itself, a change that would be for the better.
But first and foremost, we need peace. A peace that is honourable, just, and delivers long-term security for Ukraine. I hope that the day will soon come when you will no longer need to fight, but will instead be able to use your incredible talents, resilience, creativity and innovation to rebuild your country and bring about a Ukrainian Wirtschaftswunder. And when that day comes, we will be there to help you. Just as we stand by you now.
Facts Only
* The Netherlands stands firmly with the Ukrainian people.
* The EU faces pressure to reform due to declining international order.
* Ukraine is seen as an integral part of Europe.
* The EU seeks to strengthen resilience, growth, and stability.
* DNB is preparing for contingency scenarios.
* Ukrainian EU membership would increase EU population by 45 million.
* The economic transition to EU membership will take time.
* Ukrainian membership could act as a catalyst for change within the EU.
* The speech emphasizes the need for peace and a Ukrainian “Wirtschaftswunder.”
* The speech was delivered on February 16, 2026.
* Olaf Sleijpen is the President of De Nederlandsche Bank.
* The speech occurred in Kyiv, Ukraine.
* The Netherlands is committed to doing its part to support Ukraine.
Executive Summary
Full Take
The speech by Sleijpen operates within a framework of carefully constructed geopolitical justifications, employing a layered narrative designed to resonate with both immediate humanitarian concerns and longer-term strategic goals. The immediate “steelman” version confirms the Netherlands’ unambiguous support for Ukraine, minimizing the potentially destabilizing implications of a protracted conflict. This is a classic Motte-and-Bailey technique, bolstering the core assertion with supporting arguments that, if scrutinized, reveal inherent contradictions. The framing of Ukraine’s EU membership as a ‘catalyst for change’ taps into a deeper pattern of ‘liberation rhetoric’ – a common tactic used to justify interventions framed as promoting freedom and prosperity, often masking underlying strategic calculations. The repeated emphasis on resilience, growth, and stability – the core tenets of the EU’s response – serves as a sophisticated distraction, obscuring the fundamental power dynamics at play. The reference to the “Wirtschaftswunder” suggests a faith in a rapid, transformative economic shift, a potentially unrealistic expectation that could be exploited to maintain a narrative of hopeful progress.
Pattern detected: ARC-0024 Ambiguity – The use of terms like “economic transition” and “boost economic growth” is intentionally vague, lacking specific details or measurable outcomes.
Furthermore, the appeal to shared “values” – the rule of law, free trade – represents a classic strategy of “borrowed credibility.” These values, historically championed by Western powers, are now being used to legitimize a response that directly challenges Russia’s sovereignty, creating a dissonance that is skillfully glossed over. The implicit assumption here is that Russia’s actions are inherently barbaric, a framing that could be seen as a form of “distortion” – selectively highlighting aspects of the conflict to support a pre-determined conclusion.
The focus on Ukraine's "military capabilities and experience" is likely a strategic calculation, aiming to strengthen Europe’s defensive posture – a potential justification for increased military spending and closer cooperation. This subtly shifts the narrative from purely humanitarian aid to a discussion of security architecture, which itself is a complex and contested terrain. The speech’s ultimate goal is to embed Ukraine more fully within the European system, strengthening the EU's overall influence and potentially mitigating the risk of further Russian aggression. This pattern of subtly manipulating the broader narrative aligns with a systemic “mission drift” – the institution subtly shifting its stated purpose to incorporate new strategic imperatives.
Pattern detected: ARC-0043 Motte-and-Bailey – Sleijpen presents a strong position (support for Ukraine) while simultaneously acknowledging and addressing opposing arguments (challenges of EU membership) in a way that ultimately reinforces the original stance.
The explicit call for a “peace that is honourable, just, and delivers long-term security” is a carefully constructed rhetorical device, designed to appeal to ethical sensibilities while avoiding a commitment to specific terms of settlement. This reflects a classic attempt to manage expectations and maintain strategic flexibility – a calculated approach to avoiding a potentially difficult and protracted peace process.
Sentinel — Human
The text appears to be written by a human, exhibiting idiosyncratic emphasis, personal voice, and unique argumentative structure, although there are some stylometric signals that hint at a human writer.