The European Central Bank just threw cold water on the European Commission's ambitious plan. At stake? A massive €140 billion loan guarantee for Ukraine that's now caught in institutional crossfire. The ECB's pushback highlights growing concerns about fiscal exposure and risk-sharing mechanisms among EU institutions. This kind of high-stakes disagreement between monetary authorities and executive bodies rarely stays contained—it tends to ripple through sovereign debt markets and beyond. For those watching macro trends, this tension signals deeper fractures in European economic coordination at a time when unified policy would matter most.