The U.S. Department of the Treasury should transform its foreign currency report so it can be used as a tool to combat currency manipulation. This would be an important step toward a more balanced global economy with fewer persistent deficits and surpluses.

The rise of Islamist radicalism continues to threaten U.S. interests in the greater Middle East. Last year's attacks on U.S. embassies, instability in the aftermath of the Arab uprisings, and an incr…