However, amid global decoupling, Europe’s reliance on the dollar and US payment systems present strategic vulnerabilities rather than mere technicalities. The correct response is not a break with the dollar but a systematic derisking that expands Europe’s room to maneuver and gives it more choices. Europe’s direct holdings are not massive but the centrality of Treasuries to pricing, collateral, and risk management means that turbulence in US debt markets would ricochet across the EU’s financial system. Over time, the EU must increase the supply and depth of high-quality, euro-denominated safe assets; without more “euro Treasuries,” talk of reserve-currency heft is just talk. It does, however, require a clear-eyed assessment of the world as it is and a determination to make Europe’s financial plumbing resilient enough to serve its strategic aims.