Can Europe man the ramparts on its own? As the US war secretary snubbed a NATO defence ministers' meeting in Brussels, EU leaders converged on the 16th-century Alden Biesen castle in Belgium's Limburg province to answer former Italian prime minister Mario Draghi's call for a "big bazooka" approach to reform and competitiveness. 

But behind the walls of the one-time headquarters of the Knights of the Teutonic Order lies a rift: between France, which is pushing a "Buy European" approach to strategic autonomy; and a converging German-Italian couple, which is more focused on lightening regulation and striking new trade deals. 

Read moreEU leaders back major economic overhaul to counter pressure from US, China and Russia

How much of a sense of urgency is there when it comes to safeguarding strategic industries, energy, defence and financing of the 27-member EU's needs? This Old Continent feels caught in a superpower squeeze: between China, with its flood of cheap goods; the US, with its adversarial trade policy and its full-throttled support for Eurosceptic far-right parties; and Russia, which continues to pound Ukraine just as Washington signals the end of its historic role as Europe's defense shield. 

When Draghi was chair of the European Central Bank, he once assured that he would do "whatever it takes" to safeguard the continent's common currency. Markets believed him. For Europe circa 2026, what does "whatever takes" look like and who can deliver it?