Welcome back to Foreign Policy’s Situation Report, where we come to you from an uncharacteristically quiet Sunday at the Bayerischer Hof hotel on the final day of the Munich Security Conference. The dignitaries and officials are long gone, the speeches are done, and the security barricades have been dismantled, but your SitRep co-authors are still chugging along to bring you a final special pop-up edition.

Here’s what’s on tap for the day: a “what now?” moment for Europe, a “what’s next?” moment for Ukraine, and an important conversation about Gaza.

Welcome back to Foreign Policy’s Situation Report, where we come to you from an uncharacteristically quiet Sunday at the Bayerischer Hof hotel on the final day of the Munich Security Conference. The dignitaries and officials are long gone, the speeches are done, and the security barricades have been dismantled, but your SitRep co-authors are still chugging along to bring you a final special pop-up edition.

Here’s what’s on tap for the day: a “what now?” moment for Europe, a “what’s next?” moment for Ukraine, and an important conversation about Gaza.

While the Munich Security Conference has become increasingly global and hosts high-profile officials and attendees from Japan to Chile, it remains, at its core, a trans-Atlantic and largely European conference. That was very much the flavor of the gathering’s final day, which opened with a panel titled “Europeans Assemble! Reclaiming Agency in a Rougher World” followed by another titled “The European Dream(s): Defending Core Values Under Pressure.”

The panel titles were set long before U.S. Secretary of State Marco Rubio’s mixed message speech at the conference on Saturday, but they take on a greater meaning the day after as Europe gets realistic about where Washington stands.

“I agree that there is an urgent need to reclaim European agency,” Kaja Kallas, the European Union’s top diplomat, said in her speech introducing the first panel, where she previewed an upcoming new European security strategy that will “address all dimensions of European security.”

But first, she opened with a thinly veiled barb at some of the Trump administration’s favorite attacks against Europe. “Contrary to what some may say, woke decadent Europe is not facing civilizational erasure,” she said. “In fact, people still want to join our club—and not just fellow Europeans. When I was in Canada last year, I was told that over 40 percent........

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