The U.S. share of NATO defense spending was roughly half at the end of the Cold War and now exceeds three quarters. Mr. Gates noted that only four other NATO members - Britain, France, Greece and Albania - meet the alliance threshold for defense spending, which is 2 percent of GDP.
http://www.washingtontimes.com/news/2011/sep/19/europes-defense-chief-echoes-gates-speech/
She should be tried for treason France, Germany, Italy, Spain and Poland have sided with Baroness Ashton in her battle with Britain over an EU military headquarters by signing a secret letter instructing her to set it up without British involvement.
Geithner urges change in EU bank system
WASHINGTON - Treasury Secretary Timothy Geithner is pushing to make the European Central Bank the ultimate guarantor of bonds issued by the 17 countries that share the euro, a fundamental shift he maintains is the only sure way to solve a crisis threatening the global recovery.
In meetings in recent weeks in France, Poland and now Washington, Geithner has made the case that without strong backing from their central bank, governments in the euro area will be hampered for years by suspicion that their bonds are risky bets for investors. That lack of confidence has rocked global markets in recent weeks and could continue to threaten the European economy and banking system.
The proposal to expand the central bank's role has divided European officials and bankers. Supporters agree that euro-zone governments need stronger support from the central bank, while skeptics worry such an arrangement would encourage undisciplined countries to spend.
The idea Geithner is advocating would make the central bank more like the U.S. Federal Reserve and other central banks, which provide a last-resort guarantee that a government will not run out of money.
The role can be controversial and can fuel inflation when excessive.
In Europe, the individual countries of the euro monetary union cannot rely on their central bank the same way.
Geithner wants 'decisive signal' from Europe on debt
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