Outside of Europe, few countries are prepared to grant such authority to supranational institutions. But all nations confront a basic, recurrent dilemma: when to trade off freedom of action for enhanced capacity to shape their future. Experience has taught that it often makes sense for countries, even one as powerful as the United States, to delegate sovereignty to international institutions, in return for tangible benefits that might not otherwise be within reach.

In our own daily lives, exchanging absolute freedom of action for the long-term collective good is something we do all the time. When we drive a car, we obey traffic laws, both for our own safety and the safety of others and we count on others to do the same. Imagine the chaos if some of us drove on the left rather than the right, or if some drivers kept their headlights off at night...