Shut down.
US European Command.
US Army Europe.
US Air Force Europe.
US Navy Europe.
USMC Europe.
Why am I so convinced that this is the proper course of action? Check out this chart from Wikipedia just covering USAF bases in Europe. While you're looking at it consider the economic activity that could be generated from bringing just the USAF home, building housing for them and the extra business that would be generated in whatever base they're sent to.
Operating bases via Wikipedia.
The command has five main operating bases along with 80 geographically separated locations. These are:
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That my friends is just the USAF!
Bring all our forces home. Let Europe be responsible for Europe and lets get some common sense back into our defense spending.
UPDATE:
Don't think that I would stop at shutting down bases in Europe. I'm talking about a global re-alignment. Shut down bases in S. Korea (they can handle N. Korea just fine thank you)...Shut down bases in Japan. Guam is fine. The only new base I would seek is one in the Northern Territories of Australia. Northern Australia is lightly populated and I would ask the Australians if they would look kindly on a joint base housing Army, Navy, Air Force and Marine Units on it. I would also seek to make use of the vast terrain for training opportunities.