Danske Bank calls the end of the European debt crisis after August's PMI showed even the weakest EU countries have turned the corner into the expansion zone. Spain (EWP) printed a 51.1 - the first time above 50 since April 2011; Italy (EWI) hit a 27-month high of 51.3.
"The debt crisis is over ... we think there will be no more market panic, where uncertainty about one country spills over into others and creates fears for the entire survival of the eurozone."
He notes the improvements in Spain and Italy were export-driven, meaning the countries are starting to see some payoff in the form of more-competitive economies.
Before getting too excited, remember EU unemployment remains at a euro-era high of 12.1% and France (EWQ) has become a laggard.