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In this article, which addresses the impact of 9/11 on transatlantic relationship, the author puts forward five different causes for optimism and five counter-arguments for pessimism. Even if Ikenberry, from a liberal perspective, and Carr, from a realist one, underline the relevance of economic and geopolitical interdependence, and even if there are fundamental reasons for NATO to persist and for the United States to seek economic and political cooperation from its European partners to manage globalisation and fight terrorism, Cox suggests that several factors have made transatlantic relations much more troublesome. First, the Europeans have not substantially changed their foreign policies despite 9/11; secondly, the trouble for the United States now comes from outside Europe (which makes NATO much less important); thirdly, total European expenditure on defence is declining and becoming irrelevant compared to America’s efforts to fight terrorism; fourthly, the American retreat from multilateralism started before Bush and will probably continue afterwards. Finally, America and Europe have fundamentally different and increasingly divergent visions of the international order.