Abstract
Tensions surrounding the eurozone have eased markedly in the early part of 2012 following the atmosphere of crisis that persisted through the second half of 2011. There is instead a new confidence that financial and economic disaster can be averted. Several developments have contributed to this optimism, including a change of government in Italy, a large injection of liquidity into the banking system by the European Central Bank (ECB), and a ‘fiscal compact’ among governments. The euro itself has strengthened on currency markets, and the perception of reduced risk can be seen in lower market yields on Italian and Spanish government bonds.
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