Abstract
In the last one decade, the global defence industry has undergone significant changes. It has shrunk in terms of size. It has also become more concentrated. While large companies in the leading centres are on a merger and acquisition spree, it has left medium and small companies facing severe difficulties in adjusting to the changed scenario. The demand for military equipment shows uneven trends. While the demand for high‐tech weaponry has gone up which, in turn, has attracted more money in both sales and investment in military R&D, the ‘demand for conventional military equipment has been stagnant. As the second largest military production centre in the world, the European defence industry faces a dilemma today—whether to build a common continental industrial base independent of the US or strive to become a giant Atlantic defence industry. This paper argues that while the former option makes sense for Europe, the latter, though plagued with problems in the short run, might become inevitable for Europe in the long run.
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