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In Britain, the golden rule of giving speeches is this: Whatever you do, don't be boring. Why did David Cameron forget that?

The British prime minister missed a great opportunity when he on Europe on Wednesday. He could have pulled his country from the periphery of the Continent back to the center. He could have proved that Britain's international clout is more important to him than getting patted on the back by his friends in the Conservative Party. He could at the very least have surprised his audience on this ice-cold Januaray day in London. But he didn't even do that.

Instead, Cameron promised a referendum on Britain's European Union membership after the next general election -- if he wins it. The referendum isn't a replacement for a true strategy on Europe. It...