Defense industrial policy is increasingly playing a role in this debate as the need to tackle armaments policy in a more European framework became clear. Is a European defense industrial policy emerging? Who or what are the factors driving it? Are the developments moving in the right direction? This paper will attempt to answer these questions by tracking the moves of the protagonists: the firms, the states and the European institutions: in an attempt to map the emerging consensus on European defense industrial policy. It will then critically assess the emerging policy agreement.