This article discusses three important aspects of NATO’s new Strategic Concept in a broader historical context of the transatlantic relationship. The three aspects discussed are the future role and meaning of article 5, the issue of burden-sharing and finally NATO enlargement. On article 5 the article argues that the discussion among the Allies on article 5 reflect the fundamental differences of opinion among them on NATO’s future role and tasks in the world. It will be hard to reach consensus among the Allies on this issue. On the second issue, burden-sharing it is stated that this issue has a history of its own, reflecting the inequality of the two major parts of the Alliance, the US and the European Allies respectively. Burden-sharing has always been uneven given the US political and military weight. There is hardly any reason to assume that this will change in our lifetime. On enlargement, the main argument is that the end of this process has almost been reached. Further enlargement with countries such as Georgia and Ukraine seem incompatible with a NATO policy aimed at a strategic partnership with the Russian Federation. The article ends with some remarks on the dangerous aspects of a new multi- or non-polar world system for European security.