The direction of travel can be more important than where on the journey you are. That's particularly true of the eurozone and the credit ratings assigned to its member states. November's actions—a downgrade for France and improvements in outlooks for Spain and Portugal—send some key signals. The eurozone is undergoing adjustment, although not all its members are yet on the right track.

France's downgrade to double-A by Standard & Poor's might look like the most important action, but isn't. French bond yields hardly reacted; strategists at Royal Bank of Scotland told investors to "ignore" the cut. That is quite right; France faces no immediate threat that should cause bond yields to spike higher.