Europe faces a strategic reality: deterrence requires more than political will — it requires the ability to finance it.In this episode of the Eastern Frontline podcast, MEPs Reinis Pozņaks and Roberts  Zīle speak with Rob Murray, the CEO of the Defence, Security & Resilience Bank, a former Head of Innovation at NATO and architect of the NATO Innovation Fund, to unpack why Europe’s defence financing model is no longer fit for purpose.Murray explains:Why the defence industrial base cannot scale without access to creditHow regulatory constraints block SMEs from entering defence supply chainsWhy the Defence, Security & Resilience Bank could be a game-changerThe limits of the EIB’s mandate — and why complementary instruments are neededThe strategic risk of defence inflation and multi-year procurement uncertaintyHow a transatlantic, Indo-Pacific coalition of shareholders could accelerate productionA clear message emerges: Europe needs new financial architecture if it wants real deterrence.

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