Since European Central Bank President Mario Draghi’s speech in late July promising to do “whatever it takes” to preserve the euro, followed by the announcement of an ECB program to buy short-dated peripheral government bonds under some circumstances, euro area markets have rallied and the single currency zone has faded as a source of concern for markets in the U.S. and elsewhere. Investors who earlier in the year were closely following the ins and outs of Greek coalition politics have turned their focus to other topics, in particular fiscal cliff negotiations in the U.S. While it no longer represents an imminent threat to global risk assets, however, the euro area crisis continues to unfold, and sooner or later it will return to the headlines. Indeed, bad news about euro area growth and renewed tension about Greece have likely contributed at the margin to the U.S. equity market sell-off in the past few weeks.