America’s diplomacy towards Europe has passed through two broad historic phases. A first, isolationist phase, determined in part by America’s need to maintain its domestic multinational consensus, was replaced, after World War II and under the Soviet threat, by a policy of hegemonic engagement. The Soviet collapse opened a new era forcing a reinterpretation of America’s role in Europe and the world. Four different narratives have emerged: triumphalist, declinist, chaotic or pluralist. If a unipolar American role seems unlikely to persist, American decline is all too possible. A new hegemonic replacement seems unlikely, which makes the pluralist narrative plausible and desirable. This multipolar world will require an adaptation of the Western alliance and a new way of thinking about interstate relations. Confederal Europe, for its experience in bargaining and conciliation, might have much to offer to the new plural world order.