Canada and seven European countries, along with Turkey, will sign an agreement on Nov. 30 in Luxembourg to establish the Defence, Security and Resilience Bank (DSRB), Finance Minister François-Philippe Champagne announced Monday. Despite a late push from Canada, the U.K. won’t be among them. (The Logic)

Talking point: Canada—and Prime Minister Mark Carney, personally—had renewed efforts to get the U.K. to sign on to the bank since Andy Burnham replaced DSRB skeptic Keir Starmer as prime minister in July. The bank, which aims to mobilize public and private capital to finance defence production, procurement and supply chains, will be headquartered in Canada, with a European hub in Luxembourg. That was reportedly among the dealbreakers for the U.K., which wanted it headquartered in Europe. In a statement Sunday, Canada and the U.K. said the DSRB would work “in close partnership” with the British-led Multilateral Defence Mechanism—a proposed financing institution for joint defence procurement among allies. Germany has also declined to participate in the DSRB, while France has yet to commit, leaving Canada as the largest economy among the nine founding countries. It is expected to start operating in 2027.

Sponsored Content

The road to risk-smart regulation

By Deborah Aarts

Why cybersecurity needs to match pace with AI

By Jessica Aftimus Rosa

How to shift your workforce from AI experimentation to adoption

By Jessica Aftimus Rosa

Paid promotional content