The euro symbol is reflected in a puddle in front of the European Central Bank in Frankfurt, Germany: Eurozone leaders meet in Brussels Thursday to decide the monetary system's fate.

Uwe Zucchi/dpa/Corbis

n Wednesday, Germany's constitutional court backed a permanent bailout fund for the eurozone, one of several initiatives taken by European officials to bolster the embattled euro currency. Along with a recently announced plan for the European Central Bank to buy bonds directly from debt-saddled countries, the court's blessing is the latest step toward the type of comprehensive resolution of the euro crisis that has eluded the continent for more than two years. Markets in Europe jumped on the news, with investors hopeful that Europe is finally about to turn the corner. However, analysts warned that policy-makers still face formidable challenges, starting with a rescue program for Spain, the eurozone's fourth-largest economy.