The Valahia Crisis, or the Valahia War was a military conflict that took place on Earth in the timeline presented in Ace Combat X2: Joint Assault.
The origins of the conflict lay in the Global Recession of the late 2000s. Businessman Andre Olivieri, owner of the massive insurance company Olivieri Life Insurance, devised an elaborate scheme to increase his profits and ultimately dominate the world insurance market. He made contact with Nicolae Dumitrescu, the leader of the Euro-Asian communist terrorist organization 'Valahia', and formed an agreement with him: Olivieri would secretly provide funding to the organization to launch armed attacks on high-profile locations throughout the world, in order to incentivise people to purchase the unique 'war damage insurance' Olivieri sold, making his company even more wealthy and powerful.
Dumitrescu agreed to the plan, in spite of his own ulterior motive and fanatical devotion to carve a new communist nation out of Southeast Europe - a fact that would place enormous strain on, and later destroy, their partnership.
The Conflict Begins
The Valahia revealed itself to the world on November 13th, 2010 when they caused the Midway Incident, an aerial skirmish between them and the US, Japanese, and PMC forces partaking in a regional military exercise there. Over the course of the next month, the Valahia launched an offensive against the Japanese Home Islands with air, land, and sea forces, including attempts to bomb Tokyo with the Spiridus, a large airborne weapon platform. Although these attacks were later repulsed, the Valahia had succeeded in demonstrating its enormous power to the world, and public interest in Olivieri Life Insurance and its war damage insurance skyrocketed.