Europe is spending more on defence than at any point since the Cold War. But it is moving too slowly, and it has not yet done the harder thing: forged the kind of relationship with its own defence industry that produces effective deterrence. These are two connected challenges, and Europe cannot afford to fail either of them. The post-2022 awakening is real. NATO members are spending more, conscription is returning in several countries, and production lines are reopening. Poland is committing