The paper deals with prospects of the developing common EU defense
procurement market and policy with a view to strengthening the defense
identity of the European Union as well as to promoting its external profile
and international role. Despite of the European Union?s overall GDP, the
Union is not considered a serious military power. The EU processes of market
integration and rationalization have bypassed European defense industries,
which are fragmented and increasingly losing ground to their American and
some Far East Asian competitors. This has prompted calls for introducing the
supranational defense procurement and defense industry policies. The analysis
focuses on functioning of the European Defense Equipment Market via
application of the EU Code of Conduct on Defense Procurement and reviews EU
prospects for establishment of a single defense market from the policy,
organizational and commercial perspectives. The authors conclude that in the
long run, the voluntary intergovernmental defense procurement regime
established between some EU members will open prospects of cutting national
defense spending, fostering the global competitiveness of the defense
industries of EU member states and building up a respectable military
capacity to additionally support the Common Defense and Security Policy.
Legal analysis of systemic investment protection regulation in the European Union’s financial sector
