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With its draft Code of Conduct for Outer Space Activities, the European Union became visible in the debate on space security. This paper analyses this development, drawing on theoretical concepts in the scholarly debate about the ‘actorness" of the EU. The EU can indeed be considered as an emerging actor in space security. However, the Code of Conduct initiative should be considered only a first step in this regard because it does not answer the question whether the EU should pursue a policy of deterrence or arms control in space. The paper argues that the latter option would be better because it is in line with the interests and values of the EU.