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Europe Should Step Up By Standing Down

LONDON – Ten years on, the euro is a resounding success. A financial-market heavyweight, it now outperforms the dollar, the yen, and, until recently, the mighty Chinese yuan, while euro-denominated bond trading rivals the US market in size.

But Europe should be doing better. It should act with greater imagination to unleash more genuine economic freedom and competition, stop championing national enterprises, and start giving the European Central Bank more support. Euro-zone policymakers should also seize the initiative in the world’s key economic clubs.