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A joint European military force may not be such a bad thing, but without backing from a major power it will not work.
The OP is about co-operation between the UK and France; not about a joint European Army.
-- It will be incapable of being something as powerful as NATO or the Warsaw Pact
I haven't read anywhere that NATO is being dismantled, last I read it was still growing in membership - so again, no need for an EU army.
This agreement between the French and British will be short lived, as soon as there is one disagreement or a change in government in either state it will end.
The nuclear co-operation element will survive, both countries governments wish to maintain a nuclear weapon option and this allows the future development of that. As for the military element, currently it's only a joint force comprising the equivalent of two brigades or 5000 men each. There's no proposed sublimation of either nation's armies into one mass.
Personally I think we in the UK have rebuffed France too often in the recent past. Twice last century the French proposed becoming part of the UK and we spurned their proposals. Rather than the UK get further involved in Europe, I would prefer stronger ties between France and the UK.
And the next time a French Govt delegation offers France become part of the UK (in whatever form) - we should agree. Our two economies would work so much better together than apart.