Europe Is Finally, Slowly Getting Its Act Together

Europe is shaking itself awake.

Ten years after Brexit, the European Union is finally, fitfully advancing fundamental changes meant to preserve its wealth and influence.

As the global order disintegrates and China drives deeper into Europe’s traditional markets, EU leaders say the bloc needs bigger everything to protect itself — bigger banks, bigger tech firms, bigger defense contractors, bigger investments. Startups need access to more money. Companies should merge across borders. Savers must invest across the continent and not at local banks. Countries should buy weapons together.

In short, Europe needs more Europe. A Bloomberg Economics’ analysis shows why: Without such ...