Investing in Europe’s Competitiveness: Mobilising Capital for European Defence

In its role as a global, nonpartisan, nonprofit think tank, the Milken Institute has launched an initiative called Investing in Europe’s Competitiveness. Its aim is to develop actionable steps to catalyze the investment needed in the European Union and the United Kingdom to meet productivity challenges and generate growth. The initiative is centered on three pillars: attracting new investment into infrastructure and decarbonization, closing the innovation technology gap, and investing in Europe’s defense and security priorities.

On November 11, 2025, the Milken Institute, in partnership with the Royal United Services Institute, convened a roundtable of senior military leaders, defense industry executives, financial-sector representatives, and government officials to explore barriers to effective investment in defense and pathways to mobilize additional capital to meet Europe's defense-readiness needs. Participants explored how deteriorating security conditions, including Russia's war against Ukraine, growing geopolitical instability, and expanded threat perceptions, have created both urgent capability gaps and generational investment opportunities as European governments fundamentally reassess capability requirements, industrial capacity, and long-term investment strategies for national and collective defense.

This document summarizes the roundtable session on mobilizing capital for European defense.