In a world of competing currency blocs, the euro is the dollar’s most credible rival. But for it to become a genuine counterweight to the greenback, the European Union must strengthen its financial foundations and expand its reach, starting with the member states that have not adopted it despite being obliged to do so.
LONDON—As the global monetary order becomes increasingly fragmented, the European Union has a rare opportunity to shape the emerging system and bolster the euro’s international role. But for the euro to become genuinely global, it must first become more European.
