加拿大国防战略转轨：告别维和神话与筹建全球防务银行

Jeyan Jeganathan: This summer, the government quietly issued a press release announcing the Canadian Armed Forces was going to rebalance operations to, quote, strengthen global footprint. But behind that bureaucratic language was a significant shift in Canada's military priorities, because what that means is that Canada will be wrapping up peacekeeping operations in countries including Kosovo and South Sudan. And that decision raised some serious concerns. Former UN ambassador Bob Rae, for one, called it a, quote, crucial abandonment of a defining national mission for our international credibility. But not everyone sees peacekeeping as crucial to our national identity or as something that should be one of Canada's top military priorities. One of those people is retired General Wayne Eyre. He joins us to talk about his new memoir, where Canada should be focusing its efforts and why he says the idea of Canada as a nation of peacekeepers is a myth. We need to put firmly in the past. Meanwhile, Prime Minister Mark Carney has been pushing another idea aimed at strengthening Canada's role on the world stage, something called the Defence, Security and Resilience Bank.

Mark Carney: So all of this is good news. It's good news to protect Canada. It's good news for cooperation.

Jeyan Jeganathan: So will this defence Bank increase our standing on the world stage? And what exactly is it and how will it work? We're looking at how Canada's approach to defence is changing, and what that could mean for our place in the world. I'm Jeyan Jeganathan welcome to The Rundown. When General Wayne Eyre retired in 2024 after four decades of military service, he'd been serving as Canada's chief of the defence staff and getting firsthand experience of how our military and our politics operate. General Wayne Eyre, great to meet you. Great to have you on the rundown. How are you doing?

Wayne Eyre: Excellent. Thank you so much for having me on your show.

Jeyan Jeganathan: Of course. Well, congratulations on the book. I want to start from the very beginning. You write in your memoir, Into the A Soldier's Journey, that despite coming from a family of Saskatchewan farmers, you always were fascinated by the military right from the get go. How come?

Wayne Eyre: I was drawn to it at an early age, whether it was patrolling with my brothers and cousins, with sawed off hockey sticks on the farm, or being super interested in in all things military. Joining Army cadets at age 12, going on later to be part of the army cadet.

Jeyan Jeganathan: And that was a couple of days even before graduation. Correct?

Wayne Eyre: Well, I was in basic training three days after graduation from high school.

Jeyan Jeganathan: So you always knew this was what you wanted to do?

Wayne Eyre: Yes. Yes. It truly was a calling.

Jeyan Jeganathan: Let's fast forward. You retired from the Canadian Armed Forces in 2024 as chief of the Defence Staff, after a military career spanning almost 40 years. You describe it in your book as a journey, a military career with both highs and lows. What do you consider some of the real high points?

Wayne Eyre: Well, there was a number of high points in the battle of the Medak pocket. For example, 1990, 1993. Even though we were surrounded by death and destruction, seeing the platoon I was commanding come together and seeing these young Canadians from all different walks of life gel together and do what they had to do was was gratifying. Commanding an infantry battalion in Afghanistan, the same. And then of course, being promoted to the rank of full general and Chief of the Defence staff at the end of the journey was an absolute privilege to lead these dedicated Canadians.

Jeyan Jeganathan: I imagine throughout a 40 year career, there are also moments that are going to be tough. I know you talk about sort of there moments of thinking about resigning sort of later in your post as well. What was the lowest point for you?

Wayne Eyre: Probably the lowest point was a period between May 25th, 2007 and July 4th. Two, 2007, during which we lost ten soldiers that were under my command from third Battalion, Princess Patricia's Canadian Light Infantry. Losing ten fine young people in less than six weeks, and the pain of sending each of them on their final ramp ceremony, going home and going to their ramp ceremonies and attending their funerals, that leaves a lasting scar.

Jeyan Jeganathan: I have to ask, you know, there's the career on the front lines. There are a career where you are, you know, at the pinnacle of that, which is navigating the military and politics. And in that position, you find yourself publicly calling for more funding, talking about, you know, we're an understaffed, underfunded military in an increasingly chaotic world. How much pressure were you under in that role?

Wayne Eyre: Well, nobody joins the military thinking that they're going to be the interface of the military and the political. And at that interface between politics and the military, there is friction. And military people tend to have a black and white view of the world, whereas political life is full of shades of grey, it's full of compromise, and it's full of competing priorities for the nation. And so navigating that to build mutual respect, to build trust, is so important. And being very, very clear in what our constitutional role is, that being subordinate to civilian authority, giving civilian authority the best military advice, but civilian authority has the ultimate say.

Jeyan Jeganathan: I want to talk about pushback. In your book, you push back on the notion that Canada is still a nation of peacekeepers, calling it a myth. Why do you say that?

Wayne Eyre: Well, the the myth or the the belief that we are a nation of peacekeepers came to the fore during the Cold War. But during the Cold War, we were forward based in Europe with a brigade group, with a fighter wing, ready for World War Three with the Warsaw Pact. At the end of the Cold War, we deployed on on operations around the world in former Yugoslavia, Somalia, Haiti, later Afghanistan. And those morphed from peacekeeping into peace enforcement into actual combat. And in today's world of the return of great power competition, peacekeeping is not viable in in many of the situations that are out there. And it has so it has done a disservice to the requirements we have for national defence and what we need for hard combat power.

Jeyan Jeganathan: Then with that being said, what is our role now?

Wayne Eyre: So first and foremost, the role of the military is to defend the state. That's that is the ultimate role. Second is to defend North America, which we do with the United States through NORAD. And the third is to deploy to defend the rules based international order, to defend the global commons and to defend our allies in collective defence, because collective defence is part of our defence as well. And so those three pillars form the core of what our military should be doing. And in today's world, that requirement to defend at home, defend in North America, and defend our allies is more important than ever.

Jeyan Jeganathan: The world seems to be in so much chaos right now. As you sort of explained here. Help me understand how does that chaos hit close to home?

Wayne Eyre: So we are facing an unprecedented level of uncertainty in the global security environment because of the return of great power competition and the alignment of actors such as China and Russia, who are working together to reshape the international order to suit their own interests. And Canada, as a trading nation, as a middle power that has benefited immensely from the rules based international order, is vulnerable. Our prosperity, our way of life depends on stability and security around the world. And when that stability is threatened, our prosperity and our security at home is directly threatened as well.

Jeyan Jeganathan: With that being said, I know this is a question that you have been asked a few times, but how do you see that playing out, with Donald Trump potentially heading into the White House?

Wayne Eyre: Well, that's that's a very tricky question as well. You know, I write in the book about meeting him in the White House. And the reality is that regardless of who is in the White House, the United States is increasingly focused on burden sharing. They are tired of carrying the global security burden on their own, and they expect allies to step up. And so whether it's President Trump or another administration, the pressure on Canada to invest in its own defence and to meet its commitments is going to continue to grow.

Jeyan Jeganathan: For the first time in a very long time, Canada hit the GDP 2% benchmark that is set up by NATO spending. How critical is that for Canada?

Wayne Eyre: Well, we're going to take a look at the long arc of human history. And when human communities came together, the first order of business was security and defence. Because without security and defence, you cannot have economic prosperity, you cannot have social development, you cannot have the rule of law. And so the 2% commitment is is not just an arbitrary number; it is a signal of commitment to our allies. It is the ticket of admission to having a voice at the table. And if we want our allies to take us seriously, if we want to be part of the decision making that affects our security, we have to meet that minimum threshold.

Jeyan Jeganathan: How about allies? New allies? As we look at, we talk about trade and diversifying. Are there new avenues for Canada when it comes to allies?

Wayne Eyre: Well, this is all part of a hedging strategy. And we need to do, and I believe the government is doing that, is reaching out to new partners, especially in the Indo-Pacific region, like Japan, South Korea, Australia, and broadening our relationships. But at the same time, we cannot lose sight of the fact that our core alliances—NATO and NORAD—remain the foundation of our security. So while we look for new partnerships and diversify our diplomatic and defence engagements, we must double down on those core alliances that guarantee our survival.

Jeyan Jeganathan: You have flagged the widespread lack of security and defence literacy among the Canadian public. Can you expand on that for us?

Wayne Eyre: Well, this goes hand in hand with my earlier comment about losing social licence, and we need our population to understand why defence is necessary. We have lived in a geostrategically blessed country, protected by three oceans and a powerful neighbour to the south. And that has bred a sense of complacency, where many Canadians believe that security is free and that we don't need to invest in our military. But geography no longer protects us the way it once did, whether it's through cyber threats, space-based capabilities, or hypersonic missiles. And so having a population that understands the realities of the threat environment and supports the necessary investments is vital.

Jeyan Jeganathan: If you had the ear of Prime Minister Mark Carney's government, what's one thing you would like him to prioritize?

Wayne Eyre: Well, there's a very long list of stuff that we need. And I think, you know, I believe they're on the right track with the recent defence policy update. But if there's one thing that is foundational, it is our people—recruitment and retention. You can have the most advanced ships, fighter jets, and weapon systems in the world, but without dedicated, well-trained, and well-led people to operate them, they are completely useless. We have a severe personnel shortage, and solving that recruitment crisis and taking care of our soldiers, sailors, and aviators must be priority number one.

Jeyan Jeganathan: General Eyre, I want to thank you so much for dropping by our studio. General Eyre is Canada's former chief of the Defence Staff. Thank you so much for joining us.

Wayne Eyre: Well, thanks for having me.

Jeyan Jeganathan: According to Canada's Department of Finance, the new Defence, Security and Resilience Bank will help member nations, quote, meet today's defence challenges with speed and resilience. So what's its purview and what happens if not everyone wants to join? Ann Fitz-Gerald you are one of Canada's leading experts in international affairs. Great to have you here in "The Rundown". How are you doing?

Ann Fitz-Gerald: Wonderful to be here. I'm doing fine, thanks.

Jeyan Jeganathan: Canada is spearheading a new global defence bank, the Defence, Security and Resilience Bank. Help us understand. What exactly is that?

Ann Fitz-Gerald: Well, it's an international financial institution and certainly it aspires to be a large international financial institution dedicated to defence, security, and resilience. Think of it like a World Bank or European Bank for Reconstruction and Development, but focused specifically on the defence sector. It is designed to pool capital from member governments and leverage private sector investment to finance major defence procurement, technological innovation, industrial base expansion, and critical resilience infrastructure that traditional commercial banks are often hesitant to fund.

Jeyan Jeganathan: Okay. One of the conversations that's happening right now is that we know that the headquarters of this bank is being discussed.

Ann Fitz-Gerald: Well, that decision hasn't been made yet. All choices under consideration are good ones for different reasons. Toronto offers a world-class financial ecosystem with deep capital markets and expertise in risk assessment and syndication. Ottawa brings you close to the policy makers, the Department of National Defence, and the diplomatic corps. And a European location puts you right at the doorstep of NATO allies facing the front line of security threats.

Jeyan Jeganathan: Toronto. All right. So far, this bank has been backed by eight other countries—Albania, Belgium, and others. But some of the bigger G7 allies seem to be on the fence.

Ann Fitz-Gerald: I don't think a definitive political decision has been made yet in some of these G7 countries. The larger countries often have their own deeply entrenched defence financing mechanisms, extensive domestic procurement budgets, and major defence contractors. For a country like the United States, they have vast capital markets and existing mechanisms, so they will scrutinize the governance structure, voting rights, and how it aligns with their own strategic objectives before jumping in. But having eight diverse founding nations already committed gives it credible initial momentum.

Jeyan Jeganathan: Well, let's talk about some of the smaller countries we've got on that list. Latvia, Luxembourg. Will they have a real voice?

Ann Fitz-Gerald: Usually with these multilateral financial institutions, there are voting rights. The voting rights are typically tied to capital contributions, but there are also governance safeguards and board representation that ensure all member states have a stake. For smaller nations on NATO's eastern flank, like Latvia, this bank offers access to affordable capital and scale for procurement that they could never achieve alone. And for a country like Luxembourg, with its sophisticated financial services sector, it's about providing financial acumen and supporting alliance-wide resilience.

Jeyan Jeganathan: To talk about some of the bigger countries. Potentially that door is still open.

Ann Fitz-Gerald: Well, not all members are involved in every multilateral financial institution from day one. You look at historical precedents like the Asian Infrastructure Investment Bank or the European Investment Bank; membership often expands over time. The Defence Bank is designed with open architecture. Once the bank is operational, establishes its credit rating, issues its first bonds, and demonstrates that it can de-risk major defence projects, other major allies can easily enter as subsequent tranches of capital are subscribed.

Jeyan Jeganathan: Let's talk limitations. What are some of the limitations this new bank will have to navigate? For example, is there overlap with NATO initiatives?

Ann Fitz-Gerald: There will be some potential for overlap, and that will have to be policed and monitored carefully. NATO already has its Innovation Fund, but that is essentially a venture capital vehicle focused on early-stage, dual-use deep tech. This proposed Defence Bank is designed to be an order of magnitude larger—focusing on heavy industrial capacity, multi-nation joint procurement, supply chain resilience, and critical infrastructure. The biggest hurdles it will face include regulatory compliance, navigating ESG restrictions that have historically deterred private capital from defence, and managing cross-border intellectual property rights and export controls.

Jeyan Jeganathan: Let's talk about what's at stake for Canada here. There has been a fair bit of criticism over the years about Canada not pulling its weight. Does this help change that narrative?

Ann Fitz-Gerald: I think there's potential for Canada to rise up, and it has been rising up. The narrative that Canada is a laggard has been painful. Spearheading this bank allows Canada to lead in an area where we have undisputed global credibility: institution-building, financial regulation, and multilateral diplomacy. It demonstrates to our NATO allies that we are committed to innovative ways of solving the collective security financing problem. But beyond reputation, it is a tremendous opportunity to anchor defence-related economic value, investment, and high-tech manufacturing right here at home.

Jeyan Jeganathan: I was going to say, that has been a problem here in Canada with a lot of brain drain, wherever you look.

Ann Fitz-Gerald: How do we do it? Well, we look at our strategic sectors and we say, what are we going to produce that is world class, that serves our own defence needs, and that our allies desperately want to buy? If we can couple this financing engine with a coherent domestic industrial strategy, we create high-value intellectual property, build domestic production lines, and retain top engineering and technical talent in Canada instead of watching them migrate south.

Jeyan Jeganathan: Very quickly, is there something that Canada is already doing and leading that could perfectly plug into this?

Wayne Eyre: Yeah. I mean, we're doing a lot of good work in AI. We've produced some of the leading AI scientists in the world. We are leaders in quantum technologies, advanced optics, simulation training, and space-based radar sensors. The crucial point is that these are dual-use technologies. The capability that empowers autonomous civilian systems or cybersecurity in banking is the exact same capability that provides situational awareness on the battlefield.

Jeyan Jeganathan: If you are in the defence space, this sounds very exciting, but I do have to ask: there might be some skepticism from the public about taxpayer exposure and why public money should be de-risking private defence companies.

Ann Fitz-Gerald: Okay, I'll say two points to that. The first thing is that the capability that empowers the defence sector often originates in civilian, commercial innovation. Investments made in resilience, quantum encryption, or secure supply chains benefit the entire broader economy and protect our critical infrastructure against cyber sabotage.

Secondly, on the financing model: the Defence Bank would backstop and de-risk major initiatives, enabling private and commercial banks to provide the bulk of the financing. For example, a model where the Defence Bank absorbs first-loss risk or guarantees projects can crowd in private banks to finance up to 80% of the loan value, leaving only 20% risk exposure on public or multilateral capital. Yes, there is some taxpayer exposure, but with the level of defence spending that we as middle powers are expected to meet—and that expectation is very real from our American partners—tax revenue alone cannot foot the bill. Leveraging private capital is an absolute necessity. Canada has the opportunity to build that defence finance capability and the entire industrial ecosystem around it. The key question is, how do we keep that value and intellectual property here at home?

Jeyan Jeganathan: It's a question that we will continue to follow. Ann Fitz-Gerald, I really appreciate you breaking this down for us. Thank you so much.

Ann Fitz-Gerald: Thank you for having me.

Jeyan Jeganathan: Do you think national defence should be a top spending priority here in Canada, and should peacekeeping be higher on the list? Let us know in the comments or send us an email to Rundown@TVO.org. Until then, I will see you tomorrow.