NATO faces risks to its east and to its south. To the east, Russia continues its military build-up and looks for opportunities to confront Western cohesion. To the south, instability and conflict bring the challenges of migration and terrorism to our borders. NATO’s recent summits in Wales and Warsaw have focused largely on those risks emanating from the east. But the individual Allies’ geographical location and strategic culture inevitably shape their perceptions of where and how NATO should deploy its scarce resources. Is there more still to be done on the eastern flank, or should NATO now turn greater attention to the south? Where should the balance of attention and means lie? Can the differing perspectives of the Allies be reconciled and single strategic approach found? Does NATO need a new Strategic Concept?