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Does NATO have a Role to Play in the Global Financial Crisis?

Abstract The financial crisis endangers the security of NATO's members and partners. As such, NATO has a formal obligation to mobilize its resources to aid members in overcoming current economic challenges. NATO can play a valuable role on three levels. First, NATO can aid members in rationalizing their military procurement and manpower systems, thus reducing the fiscal burden of maintaining adequate defenses. Second, NATO can press the ECB and the EU to modify arrangements governing the Euro so as to minimize the risk that EMU will collapse. Finally, NATO has a “soft power” role in vigorously defending the liberal economic order and democratic political institutions of the Western Alliance from the ideological attacks that inevitably follow financial crises.