Trends in the arms market‐is Europe pricing itself out of the market?

Abstract

Starting with the premise that the international arms market has two distinct faces, commercial and military, Ron Smith argues that Europe may not be able to afford to remain in the market. In response to this reality, European governments will have to confront a number of questions: are national governments willing to surrender enough sovereignty to create a multi‐national European arms producer; can Europe afford either the necessary R & D investments or the soft credits needed to sell to others? Depending on the security environment, therefore,’ Ron Smith asks if exit from certain market sectors might be a risk worth taking.