Fiscal austerity may finally lead to breakthroughs in reforming Europe’s military structure. But if the efforts fail, the region runs the risk of losing its global relevance, warns the leader of the North Atlantic Treaty Organization. NATO Secretary General Anders Fogh Rasmussen is particularly worried about European defense spending trends. “Over the past two years, defense spending by NATO’s European member nations has shrunk by some $45 billion—that is the equivalent of Germany’s ...

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