“Not everything around defence that is needed to reach readiness is about tanks. It is an ecosystem of very diverse technologies that come together to allow us to detect, deter, respond very quickly. Innovation opens the door to these new technologies. A focus on defence allows us to prioritise innovation for decades to come.”
Invested by Europe explores the forces shaping the European economy. In each episode, we hear from experts tackling the most pressing challenges—from housing and energy to innovation and infrastructure, security and defence. We look at what’s changing, what the solutions are, and how Europe is investing in its future.
What this episode is about
Europe’s approach to security and defence is being reshaped by a rapidly changing geopolitical environment, making readiness and resilience increasingly urgent. In this episode of the Invested by Europe podcast, we examine why security and defence have moved to the top of the European agenda and what strategic autonomy means in practice.
Our expert looks at how Europe is responding to capability gaps through coordinated investment, cooperation between member states and new financing tools that support joint procurement. Innovation in defence technologies emerges as a central theme, not only as a driver of defence readiness but also as a source of economic growth, technological progress and wider prosperity. The episode explores the role of private investment, dual‑use technologies and collaboration with partners, highlighting that defence today depends on a broad ecosystem of advanced and interconnected technologies.
The conversation in brief
Security and defence investment in Europe is increasingly framed as a race against time. This episode explores how rapid changes in the geopolitical landscape — most notably Russia’s invasion of Ukraine — have reshaped Europe’s understanding of security, resilience and strategic autonomy. Closing long‑standing capability gaps has become a priority, requiring sustained investment at national and European level.
Our expert looks at how initiatives such as SAFE (Security Action for Europe), which foresees up to €150 billion in loans to support defence capability acquisition until 2030, aim to strengthen cooperation between EU member states. By enabling joint procurement and allowing member states to borrow for defence without breaching national debt ceilings, the approach encourages countries to work together. The aim is that they will become “interoperable,” contributing complementary capabilities rather than duplicating efforts.
Innovation emerges as a central pillar of defence readiness. Beyond traditional equipment, defence depends on a broad range of technologies that enable early detection, deterrence and rapid response. Governments and big manufacturers play a key role, but so do small and medium-sized enterprises across supply chains, particularly in areas such as space, cybersecurity, artificial intelligence and advanced electronics. Innovation allows these firms to diversify, develop new solutions and bring ideas to market more quickly.
The episode also highlights the importance of dual-use technologies — innovations that serve both military and civilian purposes — and the need to mobilise private investment alongside public funding. Ultimately, success for Europe is defined as readiness: the ability to rely on its own innovation, suppliers and financing if necessary, while working closely with partners such as NATO and the European Commission in a stable and peaceful environment.
Key takeaways
- Europe’s security and defence agenda is driven by urgency, shaped by geopolitical shifts and the need to close capability gaps through coordinated investment and cooperation
- Innovation is a core pillar of defence readiness, enabling faster development of capabilities across a diverse ecosystem that includes large manufacturers and SMEs in areas such as space, AI and cybersecurity
- Public and private investment must work together for Europe to achieve strategic autonomy, ensuring Europe can rely on its own innovation, suppliers and financing while cooperating closely with partners in a stable and peaceful environment.
About the guest
Andra Migiu
At the European Investment Bank, Andra Migiu has contributed to large institutional initiatives—including the Pan‑European Guarantee Fund — while leading diverse teams through complex, high‑impact mandates. Prior to joining the European Union's financing arm, she held management roles in audit and consultancy and served as Secretary of State in the Romanian Ministry of Health. Since July 2025, she has been head of the EIB’s Security and Defence Office, the one-stop-shop spearheading the Bank’s growing role in Europe’s security and defence.
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