The missile issue is back, yet the problem has not yet generated the broader public debate necessary to understand what missile proliferation really means for Europe and what instruments should be chosen to deal with it. For Europe, the most important ramification of this proliferation will be to restrain European willingness to intervene militarily beyond the territories of NATO and EU members. With this background, the debate on missile defence is likely to continue on Europe, yet with only a moderate threat perception, tight budgets and other military necessities, missile defences can not be a political priority.