There is no doubt that Poland has become one of Europe's strongest growth stories. The more interesting question is why. A meaningful part of today's momentum is being driven by unprecedented EU capital inflows, record defense spending and massive EU-backed defense financing. Even the European Commission projects growth to slow as EU fund absorption declines. That does suggest that investors should distinguish between durable, broad-based productivity growth and an economic cycle increasingly supported by public transfers, deficits and military investment. And one question worth sitting with: if the growth engine is defense spending, EU transfer dependency and NATO's eastern flank strategy - what exactly happens to this growth model if Poland becomes the next Ukraine?