Thursday’s eurozone agreement is a step in the right direction. However, we’re moving through a 3-stage process: solving liquidity problems, solving solvency problems, and re-building economies to create long-term economic growth/stability. We are still in the first stage. Moreover, challenges will remain due to uncertainty about the situation in Portugal, Ireland and Spain, more question marks about global growth momentum and the political and democratic implications of latest and upcoming necessary political decisions.