Markets have calmed down in a big way in the eurozone and around the world since European Central Bank head Mario Draghi said in July that the ECB was committed to do "whatever it takes" to save the euro.
Spain's government funding costs, which have become a focal point of the euro crisis, are currently at seven-week lows.
Spanish stocks have outperformed U.S. stocks by double digits over the past month.
This week, traders are newly energized: It seems that the German Bundesbank—which has played the role of spoiler plenty of times over the past few years of crisis—is at least in part becoming less of an obstacle for the ECB to embark on a dramatic, "game-changing" policy response in Europe.
Read moreWhy Germany May Have Flipped On Saving The Euro - Business Insid
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