Is European–U.S. Science and Technology Cooperation “Fit” to Working Jointly on “Grand Challenges”?

European–U.S. science and technology (S&T) cooperation takes place in an “ecosystem” with an abundance of so-called “grand challenges,” typically major challenges of global dimension and in a setting of ever-increasing complexity at all levels. In this chapter, the wider context and major developments are described as they are important with their potential to affect, influence, or even shape transatlantic S&T cooperation, for instance, in the form of strategically joining S&T efforts, pooling resources, or developing new S&T-driven approaches to grand challenges issues. The wider context of transatlantic S&T cooperation is characterized by the economic crisis that is not just economics, innovation-related trends and their links to grand societal challenges, the competition for the best “brains,” and the need to concentrate on core competencies in an increasingly networked world. In economic and several other dimensions, Europe and the U.S. are each others’ most important partner; even though not commonly perceived as such, facts and figures provide an overview. Finally, the background and framework of European–U.S. S&T cooperation are summarized and described.