European defence mobilisation runs through industrial capacity that is privately owned, privately financed and embedded in ordinary commercial relationships until the moment public authority requires it. That creates a problem distinct from procurement and distinct again from industrial policy: the state can acquire a legal right to use an installation, a machine or an undertaking’s services without acquiring the economic position that sustained that capacity. A plant can stay in private ownership while its output is redirected; a manufacturer can keep its own management while being compelled to serve a public requirement ahead of its customers; a landlord, an operator, an equipment financier, an insurer and a secured creditor can each hold a different right in the same arrangement, and one administrative decision can disturb all of them without extinguishing any. The question is not whether requisition is lawful, nor whether it is compensated, but whether the compensation mechanism tracks the economic losses that arise when private control of industrial capacity is interrupted or displaced — and, where it does not, which private party carries the difference.