This is Iain Martin’s weekly newsletter, exclusively for Reaction subscribers. After writing a book a decade ago about the financial crisis – and the rise and fall of RBS, once Royal Bank of Scotland, now NatWest – I was asked many times at book festivals and in interviews to define the main lesson. Was the crash primarily a story of greed? There was some of that, of course, because human beings were involved and greed is a more than occasional  feature of human behaviour. Why did no-one go to jail, other than a few traders jailed wrongly, it now appears, in the unrelated Libor scandal? The answer is almost everything that was done, no matter how annoying or bewildering, was legal.
Ukraine’s allies pledge new aid at Ramstein
Zelensky attained commitments in air defence from his western allies, but long-range weapons restrictions remain a point of contention.