European countries need to raise at least an additional €1 trillion to meet their NATO commitment to raise core defence spending to 3.5% of GDP by 2035 and an additional 1.5% for defence-related infrastructure and resilience. While some allies are racing ahead, several major European nations are falling behind because of national fiscal constraints. There is, hence, an urgent need for more resources than many EU countries’ budgets can provide at a time when government borrowing costs have risen to multi-decade highs. […]