New Delhi, July 10 -- ANKARA - Mark Carney stepped out of the NATO summit in Ankara on Tuesday and announced that Canada, along with eight other alliance members, had agreed to establish a new international lender for military spending. Britain, Germany, and France were not among them.

The institution Carney unveiled is the Defence, Security and Resilience Bank, known as the DSRB, and its nine founding members are Canada, Albania, Belgium, Greece, Latvia, Luxembourg, Romania, Turkey, and Ukraine. Headquarters will be in Canada, with a European base planned for Luxembourg. The bank's target is to mobilize up to £100 billion (€117 billion) for rearmament, with a planned launch in 2027.

The mechanics are straightforward. The DSR...