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Europe's defense competitiveness initiative represents one of the most significant capital reallocation stories of this decade. The question is not whether Europe will invest in its security—geopolitical reality has already answered that. The issues that still matter are: How efficiently will this capital be deployed? Will it strengthen European economic competitiveness or simply transfer wealth? And can Europe build a defense industrial base that is both sovereign and interoperable, both innovative and scaled? The answers will shape not just European security, but the global investment landscape for the next generation.