N = 2 extended supergravity is discussed and an assessment is made of the problems encountered in applying it to the construction of phenomenological models of particle physics. A specific class of so-called no-scale models is discussed, in which the two supersymmetries are spontaneously broken in flat space-time, with naturally vanishing cosmological constant and the scale of supersymmetry breaking undetermined at the classical level. Supergravity-induced supersymmetry breaking generates effective mass terms for spin - 1 2 components of the vector gauge multiplets and spin-0 components of the scalar matter multiplets. For finite globally supersymmetric models, this supersymmetry breaking preserves the finiteness. Possible connections of N = 2 no-scale supergravity with superstrings and finite range antigravity are mentioned.