Germany has the largest defence budget in the European Union — 90.6 billion euros in 2024 — and was not among the 19 member states that applied for SAFE. Austria was not among them either, and the Court's 2021-2027 country breakdown records no EU defence funding for Austria. Switzerland is not on the eligibility list for any of the 5 instruments, while Liechtenstein qualifies for all of them. Three neighbours, three positions, and almost no coverage of any of it.
Why this matters for founders and investors: Jörn "Joe" Menninger reads the European Court of Auditors' Review 01/2026 — the EU external auditor's first look at defence since 2019 — and finds the rulebook sitting inside it. Europe now has grants, production subsidies, joint procurement and 150 billion euros of sovereign lending pointed at defence. Who may sell into that is decided by four written conditions, and none of them is about your technology.
In this episode:
What Review 01/2026 is, who publishes it, and what triggered it
Which instrument is for whom — and why SAFE lends to states rather than funding companies
The 4 conditions: establishment, control, component origin, design rights — and the document behind each
Germany, Austria and Switzerland on three different sides of the same rules
Why the Council of the EU's own SAFE page lists Switzerland, and why Regulation (EU) 2025/1106 does not
The Monday checklist: what to pull, who owns it, and how long it takes to fix
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