By bne correspondent The European Union initiated a naval mission on February 19 to safeguard cargo ships navigating the Red Sea amidst ongoing assaults by Yemen’s Houthi rebels. The Houthis pose a significant threat to maritime traffic and have repercussions for global trade and price stability. The EU mission will not back up a British and American effort to support commercial shipping in the Bab al-Mandel strait and the Red Sea. The EU’s naval mission is strictly non-combative, focusing solely on maritime operations. Named Aspides, meaning ‘shield’ in Greek, the operation will be managed fr…