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I understand the reasoning, in some very realpolitik sense, but I don't agree with it. Europe didn't create the conditions for terrorism directed at the U.S.--the U.S. did.
It's also for that reason that I doubt that NATO will extend its influence into a war of Bush's making in order to bail him out. Bush and his people are not the sort of people to acknowledge a quid pro quo arrangement--at least none which the Europeans have any expectation of us honoring. If that war made sense in the first place, Europe would have lent its support. As it is now, only the British have done so (and this may well be that British investors own about 40% of American debt and have a vested interest in not seeing the dollar drop precipitously).
At present, the Europeans have little need to kowtow to the Arab peninsula. Oil is still flowing from the North Sea, and Russia is making moves to make long-term arrangements to supply oil to Europe in exchange for the investment necessary to renew and refurbish the fields containing that oil.
As for European detente with Arab/Islamic factions, I don't see any extraordinary rift to begin with, excepting France. Its history in Algeria is a longstanding sore, but France is now divorced from that nation and the region (while they may still be sticking in their fingers for trade reasons).
What problems Islam has with Europe now are centered on the UK, for its continued support of the U.S., at mostly Blair's insistence. Blair will be gone sooner than he might wish.
Cheers.
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