For the first time since the onslaught of the financial crisis, Europe's leaders are one step ahead of markets, rather than trailing behind them.

Markets have long been stacking up bets against the ability of countries on the eurozone periphery to honour their obligations. The rising yields those bets caused very nearly made the prediction come true. Traders had also been betting that the rest of the eurozone lacked the political will to help its southern neighbours through the crisis. This weekend, Europe proved the naysayers wrong.

EU leaders have finally risen to the task of steering through the worst economic storm in generations. With a €500bn package of loans and guarantees, they far exceeded what was expected from a Europe that has produced too little, too late. In doing so they tore up the eurozone's rulebook – arguably not in letter (though the German constitutional court in Karlsruhe may yet beg to differ), but certainly in spirit.