European arms industry to be opened up to competition

European Union defence ministers adopted a plan today to open up their €30bn arms industry to increased cross-border competition – a landmark move designed to cut costs for tight military budgets.

The new “code of conduct” is voluntary and non-binding, but it marks a breakthrough for the EU after decades of trying to persuade nations to relax the protection of their tightly guarded national defence markets and allow Europe’s defence companies to compete on a continent-wide level.