Emmanuel Macron campaigned to become president of France by wrapping himself in a European Union flag and promising to make Europe great again. He saw off his euroskeptic rival Marine Le Pen by offering an alternative vision of a “Europe which protects,” and expanded on that vision in a two-hour speech at the Sorbonne in September that outlined his manifesto for wide-ranging EU reform.
Now after weeks of intensive negotiation—including more than 30 hours of face-to-face talks over three weekends between French Finance Minister...