French President Emmanuel Macron used his annual pre-Bastille Day address to the armed forces to warn that Europe faces its gravest security risks since 1945 and to unveil a "historic" acceleration of military spending. He pledged an extra €6.5 billion over the next two years—€3.5 billion in 2026 and €3 billion in 2027—on top of existing plans, citing the return of major power rivalry, nuclear proliferation and what he called an era of "predators." The measures will lift France’s annual defence budget to €64 billion in 2027, double the €32 billion level of 2017 and three years ahead of the timetable set in the 2024-30 military programming law. Macron emphasised that the build-up must not be debt-financed, arguing that military and financial sovereignty are inseparable and urging a nationwide mobilisation, including a revamped youth service and heavier reliance on European-made equipment. Paris published an updated National Strategic Review on 14 July that designates Russia as the most direct threat to French and European interests, warns of the possibility of an "open war" on the continent by 2030 and calls for full mobilisation of state, industry and society. The document underscores the centrality of France’s independent nuclear deterrent while inviting wider European dialogue on its role within NATO. Prime Minister François Bayrou is due to spell out in the 2026 budget how the additional outlays will be funded as the government seeks about €40 billion in broader savings to curb a deficit that reached 5.8 % of GDP last year. Lawmakers will debate a revised military programming bill in the autumn.