The Atlantic

What the Iran Crisis Reveals About European Power

Without a rival currency, there is none.
Source: Reuters

Donald Trump is forcing Europe to confront its own weakness.

The U.S. president’s bellicose policy toward Iran has, until now, been met with an unusual unity of opposition from Europe’s big three powers, the U.K., France, and Germany, as well as from the European Union itself. And yet, despite their combined economic weight and presence on the world stage, Europe’s principal players have proved largely powerless to do anything in the face of raw American hegemony.

The brute reality, as things stand, is that Europe does not yet have the tools—or the will—to project its power. The euro cannot be a credible alternative to the dollar as a reserve currency until it is radically reformed, and without a credible reserve currency, Europe’s financial might cannot match that of the United States. Even more fundamentally, there remain deep divisions within Europe

You’re reading a preview, subscribe to read more.

More from The Atlantic

The Atlantic5 min readSocial History
The Pro-life Movement’s Not-So-Secret Plan for Trump
Sign up for The Decision, a newsletter featuring our 2024 election coverage. Donald Trump has made no secret of the fact that he regards his party’s position on reproductive rights as a political liability. He blamed the “abortion issue” for his part
The Atlantic6 min read
The Happy Way to Drop Your Grievances
Want to stay current with Arthur’s writing? Sign up to get an email every time a new column comes out. In 15th-century Germany, there was an expression for a chronic complainer: Greiner, Zanner, which can be translated as “whiner-grumbler.” It was no
The Atlantic5 min readAmerican Government
What Nikki Haley Is Trying to Prove
This is an edition of The Atlantic Daily, a newsletter that guides you through the biggest stories of the day, helps you discover new ideas, and recommends the best in culture. Sign up for it here. Nikki Haley faces terrible odds in her home state of

Related Books & Audiobooks