2014 has opened the eyes of many foreign policy makers and observers. Russian aggression against Ukraine has turned the post-Cold War order on its head. The violent rise of ISIS in the Middle East has become a direct threat to the West. Both ISIS and Putin’s Russia challenge the core values that the West stands for: human rights; democracy; the rule of law, respect for minorities and the inviolability of borders. The West has reacted hesitantly to both new threats. It was not equipped to answer these new challenges of the 21st century immediately. It is time to reassess the West’s approach and to start outlining a future strategy to cope with current but also upcoming challenges. If both the EU and US use this opportunity wisely, we can develop a comprehensive and coherent strategy that will strengthen the West for decades to come. But how can we overcome the obstacles which seem to be piling up: the lack of economic growth; the lack of political will and our remaining transatlantic differences? The discussion will address these questions and focus on how we can become more effective in our cooperation and regain trust of the European and American citizens.