As with investment banks on Wall Street, underwriting peace is as much about credibility and the intangible benefits of building a relationship as it is about the provision of financial guarantees. Syria wants a deeper relationship with the United States in order to increase its influence with Israel. But engagement with Syria faces certain obstacles. Engagement with Syria will also be difficult because some supporters of Israel believe a stronger relationship would somehow corrode the U.S.-Israel special relationship. It is not a zero-sum equation.
Engagement means influence.
Israel's interests are better served when the United States maintains close ties to its Arab neighbors, as has been the case with Egypt, Jordan and the Palestinians. The administration needs to clearly articulate this argument in order to pre-empt any renewed obstructionist campaign in Washington. At the same time, engagement will become easier once Syria softens its rhetoric toward Israel and resolutely ends its support of terrorist groups. In this regard, the White House should clearly spell out the steps Damascus must take for removal from the terrorism list. Naturally, there are limits to our role as lead underwriter.