Escalating geopolitical tensions, trade wars, and volatile policy shifts are reshaping the rules of global commerce and finance and bringing the dominance of the US dollar into question. This column argues that Europe has a historic opportunity to elevate the euro into a trusted global anchor of stability and thus rebalance a global monetary order that is becoming less rules-based and more power-based. We are entering a new era in the global monetary system – more contested, more fragmented,