Following the recent NATO Summit in Madrid, Alexander Stubb –former Prime Minister of Finland, Member of Club de Madrid, and current Director of the School of Transnational Governance at the European University Institute– and Mircea Geoanã –Deputy Secretary-General of NATO– take stock and reflect on the results of the recent Summit, its conclusions and the immediate effects on topics such as the Russian invasion of Ukraine in 2022, the possible accession of Sweden and Finland to the defence alliance, and the relationship with China.