The set of multiplicative arithmetic functions over a ring R
(commutative with identity) can be given a unique functorial ring
structure for which (1) the operation of addition is Dirichlet
convolution and (2) multiplication of completely multiplicative
functions coincides with point-wise multiplication. This existence of
this ring structure can be derived from the existence of the ring of
``big'' Witt vectors, and it yields a ring structure on the set of
formal Dirichlet series that are expressible as an Euler product. The
group of additive arithmetic functions over R also has a naturally
defined ring structure, and there is a functorial ring homomorphism
from the ring of multiplicative functions to the ring of additive
functions that is an isomorphism if R is a Q-algebra. An application
is given to zeta functions of schemes of finite type over the ring
of integers.