

Fenella McGerty
Senior fellow specialising in defence economics, focusing on defence spending trends, industrial policy and fiscal sustainability in regions including the Middle East and Europe.
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Feb 24, 2026 • 28min
The Military Balance 2026
Henry Boyd, expert on US–China military dynamics and PLA modernisation. Ruben Stewart, specialist in land warfare and unmanned systems. Esther Sabatino, analyst of defence procurement and European support for Ukraine. Fenella McGerty, defence economist tracking spending and industrial policy. They discuss Europe’s spending surge and procurement bottlenecks. They cover institutionalised drone warfare, Gulf industrialisation and shifting US–China military competition.


