The market will now worry about what concessions Law & Justice has had to make. There are also concerns about the change to central bank law.

Something in Hungary has to change this year. It will either be forced by the financial markets or the government will do it voluntarily as a preemptive step.

The economy will continue to do pretty well, after the very strong figures we saw in the fourth quarter. That gives the currency a chance to strengthen.

Growth is still very strong. Once you focus beyond the politics in Poland, you're actually quite pleased with what you see.

The problem that Sharon's exit could cause is that it raises questions about the prospects for peace across the Middle East.

Law and Justice created theater to crumble the will of its allies...and force them into submission. This was a crisis that turned out to be a storm in a teacup.