UUNET Press Release on Peering

If Europeans and Asians and Austrialians made strong
     efforts to keep the amount of traffic being sucked towards
     them from the U.S. with things like web caching
     hierarchies (haha, enjoy an international aspect to
     copyright legislation battles) and mirroring, particularly
     when this can be done without the total cooperation of end
     users, then they would be under less pressure to acquire
     more trans-Oceanic capacity from the U.S.

We do make large use of caching (including forcing our dialin users to
use it) and while it helps a lot it doesn't stop us still sucking down
a lot of traffic from the US (bear in mind that Europe is reachable
only via the US anyway).