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BCA report “European Defense On The Offense,” featuring a chart of EU defense budgets rising toward NATO’s 2% GDP goal.

The world is multipolar, unstable, hypo-globalizing, and caught in an arms race. Global geopolitical risk will rise further. 

With the Russia-Ukraine war at its doorsteps and an expanding set of security risks abroad, Europe will be prompted to increase defense spending over a multi-year period to improve its military readiness and capability.