A year ago, my colleague David Kotok wrote a Commentary entitled “2010: The Year to Focus on Sovereign Debt.” That has certainly proved to be correct. The year that is drawing to a close witnessed a welcome recovery in the global economy that was overshadowed by a fiscal crisis in the periphery of the eurozone that periodically undermined investor confidence worldwide. While the economies most directly affected and requiring external assistance, Greece and Ireland, were very small, investors feared contagion to larger economies of more systemic importance, and some even feared a break-up of the European Monetary Union (EMU) and the end of the euro. While the European drama continues and further difficult times likely lie ahead, we maintain our view that the EMU will survive and the euro will eventually emerge a stronger currency.