It's half-time in the euro zone crisis. So gather round and take a knee, and let's figure out what we've learned from the first half.
1. The bond markets work one way and the EU works another. Their methods are wholly incompatible. That's what caused the crisis to explode in the way it did. But a synthesis was reached between the two, because the EU's leaders ultimately showed the big institutional players in the bond market they were serious about tackling not just Greece's problems, but government deficits throughout the euro zone.
Government leaders who did not get with the program were removed. Once governance issues were resolved, the bond markets began to calm down.
This is a key lesson for American economic commentators to remember. Bond markets don't entirely rely on spread-sheet data. They care about unquantifiable things like good governance. Italy under Berlusconi was a joke, under Mario Monti it is a country whose governance gives hope of being as effective as its luxury goods businesses, which dominate their sector of world trade.