A war with China will do massive damage to the European and world economies, though, even if Europe stays entirely out of it. China more or less stops exporting (and importing); the economies of South Korea and Japan immediately contract 25% or more; Russia faces massive and nearly infinite demand for its resources from China; oil states in the Middle East would face massive price volatility followed by a collapse in demand and a loss of 50% of their government revenues; and every two bit nation in the world would decide now is the time to pursue revanchist feuds since everyone who could object is otherwise occupied.