With European leaders promising a debt crisis solution by the end of the month and all 17 countries having voted for the expansion of the EFSF, some renewed optimism has recently boosted the euro and European stock markets.
However, Europe's debt situation remains extremely complicated as it into its crucial EU summit on October 23.
Morgan Stanley's Global Currency Research team has outlined some major issues that they think will throw off Europe's path to a final solution.
In fact, they think the recent rally in the euro is just a short-term bear market rebound. They see the euro at $1.30 in Q4 of this year and $1.25 in Q1 2012.
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