Ten years after the adoption of the NATO-Russia Founding Act and five years after the establishment of the NATO-Russia Council, the general mood is anything but exuberant. Cooperation is in an ambivalent state, debates about the planned deployment of rockets in eastern Europe are causing tensions, and the Kosovo question, the enlargement of NATO towards the east and the future of the CFE Treaty are putting a considerable strain on the relations between NATO and Russia. The question is: What is the problem?