Europeans overwhelmingly favor U.S. President Barack Obama to his Republican opponent in the upcoming presidential election. Still, the past four years have been difficult for transatlantic relations. In an era of austerity and with power shifting toward not only Asia but also Latin America and elsewhere, it has become increasingly obvious to many Europeans that they can no longer expect the same level of engagement from the United States.

Rather than agonize over the potential implications of this development, Europeans should grasp the opportunity to revitalize their own foreign policy and security capabilities. There can be no further delay in developing serious initiatives to pool resources and build credible collective European capacity.