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In a July 20 address on transatlantic relations, U.S. Senator Chuck Hagel (R-NE), a senior member of the Senate Foreign Relations Committee, laid out his vision for American foreign policy in the 21st century.  Speaking to an audience of diplomatic, congressional, and business leaders on Capitol Hill, Senator Hagel highlighted the challenges and areas of cooperation that lie ahead in the U.S.–European relationship.   Drawing on the post-World War II episode, Senator Hagel underscored the importance and efficacy of the transatlantic alliance in maintaining peace, promoting freedom, and boosting global prosperity over the last fifty years. In spite of recent discord between the United States and Europe, he said, the stability of this relationship remains vital in the new century, especially as the world faces a changing global climate and the post-9/11 realities of terrorism.  He also highlighted key areas for transatlantic cooperation moving forward, most importantly recognizing the political and economic impact of China and India in the coming decades and defining a balanced relationship with these emerging powers.   The speech was the first in a new Distinguished Senate Speaker Series that the German Marshall Fund has launched to increase dialogue on transatlantic relations in the American capital.  GMF will continue the series on a quarterly basis with major policy addresses from senior U.S. senators who lead the national debate on foreign policy and other global issues.