I really had hoped that we would be able to avoid talking about peripheral Europe once March's Greek bond payment and orderly default on its debt was out of the way. The focus has of course shifted from Italy to Spain in the past month, as Mariano Rajoy's 100-day honeymoon as Spanish prime minister has come to a rather sudden and painful stop.
The world economy will grow next year, but growth will be largely confined to developing nations. Their ability to grow even when developed economies are struggling has surprised economists. It means that we can be confident that fewer children will go to bed hungry next year than this year. That is something to be celebrated.
The endgame for Greece's relationship with the economic and monetary union may still be some time off, but the contours of the final act of the drama are starting to emerge. It seems fairly likely that Greece eventually will be forced to leave EMU, but the timing is still far from clear. Three guiding precepts stand out.