Close to the end of the European Crisis ?
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The coordinated effort of six Central banks signals the gravity of the European Crisis and that a final solution will have to be appear at (or before) the upcoming summit. I think that the latest words of the ECB Chairman and the coordination central banks action signals the possible end of the European Crisis through a bold and decisive move from the ECB (directly or indirectly).

Liquidity and not solvency crisis
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The European political inaction is essentially magnifying what I see as a crisis of confidence with lead to a liquidity crisis and not a solvency issue for some countries like Italy. The problem is that while the current reforms are important and essential to ensure a long term solution the short term solution of a strong intervention should adequately address the confidence and liquidity crisis in European Sovereign Debt.

Do you want to save the Euro? Print it
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There is no time to revise treaties but there is enough time for a strong and resolutive intervention. Weak banks will lead to lack of credit that will then end up in a severe recession. The Euro can only be saved by printing it.

Equities more attractive than bonds
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With short term 2013 bund paying negative interest rates investors should rely on quality equities that are now discounting an unlikely Armageddon. Pretty much all markets are pricing this very gloomy scenario but so there are plenty of opportunities but especially in European companies the low valuations are more attractive than ever. Gold remains attractive (even more for Swiss Francs investors that will soon face negative interest rates) as it will probably reach 2000$ in 2012.

Strategy: In short
-Coordinated effort by Central Banks signals the gravity of the situation and a possible bold intervention from the ECB (directly or indirectly);
- Equities remain at very attractive valuations. In an environment of negative interest rates in bunds they are certainly a much better investment opportunity.
- Markets discounting the majority of bad news but risk still high until a final solution is reached;
- The Euro can only be saved by printing it.
- Gold remains attractive for hedging.