BBC News
December 12, 2011
No-one thinks the eurozone crisis is over or that European leaders did enough last week to rule out nasty surprises in the next few weeks, but talking to officials, economists and analysts closer to the trading floor in the last few days, something has changed that I'm going to take as a sliver of good cheer.
What's new is that the people closest to the markets are no longer the most pessimistic.
For most of the past six months the opposite has been true. Bankers and those closest to the money markets have been more frightened, more quickly, about Europe's financial system and its economy. The rest of the world has then followed them down.
The money men probably reached the slough of their despond towards the end of November. That was when some were starting to seriously question whether Italy was losing access to the financial markets and when the lack of official activity in the wake of the Cannes Summit had become painfully apparent.
Don't get me wrong: those same analysts and traders are still gloomy today and they're still nervous of what's to come, but the air of barely-suppressed panic has subsided.
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