This is Iain Martin’s weekly newsletter, exclusively for Reaction subscribers.

Good morning from the Munich Security Conference. I’m here moderating a panel this evening over dinner for the Ax:son Johnson Institute for Statecraft and Diplomacy.

It’s the 60th anniversary of the Munich gathering, where an extraordinary cast list of leaders and officials assemble with think tankers and media to discuss the state of the world. It’s fair to say the state of the world right now is suboptimal.

President Zelensky popped into Munich – between visits to Paris and Berlin. And US vice-president Kamala Harris is here too.