The Report comprises conclusions and recommendations stemming from the roundtable Prague Transatlantic Talks 2011 - Transatlantic Defence in the Age of Austerity: A Unique Opportunity to Reshuffle?, held on 3 May 2011 in Prague. The speakers focused predominantly on the following issues: First, how to make expenditures in the defence field more effective. Second, multinational pooling of resources as a way forward when it comes to the rationalization of investment. Finally, how to foster NATO/EU cooperation with non-member partners so that it becomes a more efficient instrument