If pressed, what I personally would probably advocate is an independent foreign policy for Europe, and I see Atlanticism [embdied in NATO] as submitting European policy to US diktat. Sure, with Bush in the White House "containment" seems like a fair description of what Europe should be (or maybe is increasingly) doing. With a more civilised administration that is actually interested in working within the international system, Europe would likely act as an ally of the US.

Less NATO, more UN, a multipolar world. Feel free to make a realpolitik argument for why it can't work.

Those whom the Gods wish to destroy They first make mad. — Euripides