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After losing 15% in 2011, the Euro Stoxx index—a broad group of euro-zone companies—has gained 5.4% so far this year, 0.8 percentage point more than the Standard & Poor's 500-stock index. Germany's DAX has surged 8.6%...Yet the panic in Europe appears to be subsiding. Short-term sovereign bond yields are falling, banks are getting funding, and the cost to insure against a government default in much of Europe has dropped.
WSJ:What has changed? For starters, the European Central Bank's Long-Term Refinancing Operation, announced in December, has flooded wobbly European banks with money.

ECB: Base Money

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