Defense in an Age of Austerity: Implications for Transatlantic Power Projection and Strategic Cooperation

Fiscal constraints on both sides of the Atlantic have drastically reduced transatlantic capabilities, even as continuing geopolitical instability requires attention and resources from the transatlantic partners, and calls for close cooperation. However, it seems that agreeing to common frameworks is laden with difficulties that are difficult to overcome, whether that be at the level of NATO, or within Europe itself. Are existing structures appropriate to answer the current challenges?