After a long period of crisis in Europe, 2013 was first year in which (with the exception of the Cyprus crisis) we have not suffered the agony of the weekend, featuring decisions taken in a rush out of fear of the response as markets in Asia open. It was the year of the end of recession in the euro area, the government shutdown in the United States, the resurgence of Japan with Abenomics and the aggressiveness of the Bank of Japan (BOJ), the disenchantment with emerging markets, the widespread disinflation, the acceleration of reforms in China, the beginning of the end of quantitative easing by the Federal Reserve, and the European banking union fiasco.