The main objective of the present study is to analyze the European Union defense policy on the example of Permanent Structured Cooperation (PESCO). It will be possible thanks to a comprehensive analysis of individual PESCO projects, participating countries, determinants and perspectives for the development of defense policy. The main hypothesis of the article is that although the strongest military European Union countries, relying on PESCO, seek to expand defense cooperation, this cooperation has no visible impact on increasing their armed forces. The article contains information about the genesis of the European Union Security and Defense Policy and the legal basis of Permanent Structured Cooperation, as well as a detailed list of all PESCO projects with the countries participating in them. An analysis of the implementation of PESCO projects indicates that they are dependent on external factors. This study uses methods appropriate to the science of international relations. Its research tools include an analysis of the literature on the subject, documents, and statistical data.