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The past two years are said to have seen more progress in European defence cooperation than the past decade. This policy brief compares two of the new European defence cooperation initiatives: the Treaty-based permanent structured cooperation (PESCO) and the French-driven European Intervention Initiative (EI2). It shows that they pursue similar political aims, but via different paths. The analysis closes by spelling out three different interpretations of ‚the closest possible link’ between the two projects, providing substance to a Franco-German promise for the coming year.