External geopolitical developments and the role of the United States have been particularly important in the creation and orientation of the European integration. This study appraises the outlook of transatlantic relations in the wake of Barack Obama's 2008 election and the entry into force of the Lisbon Treaty. It is argued that whereas these developments on both sides of the Atlantic could provide for a window of opportunity to shift bilateral relations into higher gear, success will eventually depend on Europe's internal capacity to approach the US with collective and united answers to the main contemporary international challenges.