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The Nobel committee did President Obama no favors by prematurely awarding him its peace prize. As he himself acknowledged, he has not done anything yet on the scale that would normally merit such an award — and it dismays me that the most important prize in the world has been devalued in this way.

It is not the president’s fault, though, that the Europeans are so relieved at his style of leadership, in contrast to that of his predecessor, that they want to do all they can to validate and encourage it. I thought the president showed great grace in accepting the prize not for himself but “as an affirmation of American leadership on behalf of aspirations held by people in all nations.”

All that said, I hope Mr. Obama will take this instinct a step further when he...