It is safe to assume that Europe will continue to be one of the key space powers of the 21st century, despite budgetary and other constraints. This is primarily because European policymakers are already aware that a more efficient division of labor among its member states, intelligently pooled financial and technical resources, strengthened alliances with key external players (e.g. the USA, Japan etc.), an ever-expanding cadre of trained space policy and technical professionals, and an expanded presence in the global space security portfolio will deliver the promise of a Europe at the cutting edge of this ultimate new frontier. The EU has likewise sought to contribute to the development of an effective governance system, including through the development, and further elaboration of, an international code of conduct for outer space activities.