Following several years of tension between Europe and the United States, policymakers on both sides of the Atlantic have rediscovered pragmatism. Apparently irreconcilable differences of values are giving way to new forms of practical cooperation. However, the new transatlantic relationship differs from the old one in some very important ways. New issues that involve access to various forms of security-sensitive economic information are becoming increasingly prominent. These issues, however, do not fit neatly into the traditional boxes of the transatlantic relationship. On the one hand, they touch directly on important and sensitive matters of national security. On the other hand, they involve a much wider variety of actors than traditional security issues ever did. The European Union and the United States have sought to resolve their differences over these issues in new ways, opting for decentralized and often ad-hoc forms of cooperation that build
upon existing relationships in the security realm.

The first part of this paper outlines the underlying problem and describes two recent controversies that provide practical and concrete illustration of the broader issues that are at stake. The second part discusses structures that would provide increased oversight and communication between the European Union and the United States over these emerging issues. It advocates an approach that would combine more coherent and centralized policy decisionmaking with a greater degree of accountability and continued flexibility in implementation.