I would not say we are near a lasting resolution on the issue, but that is not to diminish the important progress that has been made over the course of the last year.
Very importantly, the measures taken by the European Central Bank over the summer, the so-called OMT program, the intent of which is to remove so-called convertibility risk from European government borrowing, in other words, removing the risk premium that's paid by those governments for the possibility that the euro would cease to exist in its current form, the ECB has taken that risk off the table, or has made the commitment to take that risk off the table. That is very significant.
In addition, there has been progress, not completion but progress, on issues such as banking union and progress on some other broader fiscal arrangements that are there, but as we've underscored on a number of occasions, there is an ongoing need to deepen the economic union, to relaunch the financial union within Europe. Ultimately, there may need to be constitutional changes in Europe. There is a host of fiscal and structural reforms in each of the member states that are necessary for a lasting resolution of this situation, so it will take years.