This article aims to assess the fulfilment of goals of the White Paper on Defense in the areas of financing of the French Armed Forces and modernization of their equipment under the presidency of Nicolas Sarkozy. Three indicators for this assessment are defined: the military budget of the French Armed Forces, the acquisition of modern weapon systems and assorted equipment, and extraordinary revenues and expenses of the French defense budget. The article comes to the conclusion that almost from the beginning there were serious difficulties in attaining the projected goals of the White Paper on Defense. In addition, it is concluded that we can expect a reduction of original goals in the course of the ongoing revision of the White Paper on Defense.