The business story of the year was the debt crisis that embroiled the 17-country euro zone, roiled global financial markets and caused some to predict the collapse of the entire European Union.

It's still unclear how the currency's woes will pan out, but efforts to solve them mounted toward the end of 2011 as the EU held yet another summit to discuss ways to reform the debt rules governing its 27 members.

Last January, before it was evident that a $155 billion Greek bailout would be just the first doled out, GlobalAtlanta visited the EU capital in Brussels, Belgium, to talk with the country's finance minister about the future of the common currency.

Didier Reynders insisted that speculators shouldn't bet against the euro, noting that the initial bailout fund showed Europe's "deep pockets" and deeper commitment to the bloc.

Germany, the continent's largest economy, would continue to support the euro despite widespread reports of the country's reluctance to fund bailouts of its smaller neighbors, Philippe Maystadt, president of the European Investment Bank, predicted in an in-depth interview with GlobalAtlanta.

Lutz Goergens, Germany's consul general in Atlanta, validated Mr. Maystadt's view in a December Q&A, but he was more vocal in supporting proposed changes to the EU treaty that would keep the problem from repeating itself.

At a Dec. 8-9 summit, 26 countries - all members except the United Kingdom - agreed to allow the EU to issue automatic sanctions in the future if a country's budget deficit exceeds the established limit of 3 percent of gross domestic product.

As he did throughout the year, Dr. Goergens cited the relatively high sovereign debt levels of U.S. states to show that those of Europe could be managed.

"I expect this EU monitoring of national budgets and deficits to be more effective than the present federal monitoring of state budgets here in the United States. Even without the new treaty provisions, the average deficit in the 17 euro countries is presently lower than in the U.S.," he said.

Though markets had responded negatively, Dr. Goergens believed they would inevitably come to their senses when they realized how the summit's show of unity illustrated "a new common culture of stability and solidarity" in the EU.

"Any forecaster of such wide ranging stability obligations agreed among 26 sovereign nations would likely have been declared insane only a few months ago," he said.

The lone holdout was the U.K., which is not a member of the euro zone but benefits from trade with the common market.

British Prime Minister David Cameron made big news by going against the grain, effectively forcing the 26 other countries to go ahead with a compact instead of changing the EU treaty. He said the new deal would have constrained London's giant financial district.

Annabelle Malins, the British consul general in Atlanta, explained in a subsequent interview that the U.K. sought to keep the European Commission from encroaching on the financial systems of all governments outside the euro zone.

But she also repeatedly noted that the U.K. is "fully committed to the EU" and shrugged off suggestions that her government's decision left Britain isolated.

"Our prime minister has made clear that there is no binary choice for Britain between either sacrificing the national interest or losing our influence in Europe," she said. "It is possible both to be a full, committed and influential member of the European Union and to stay out of arrangements where we cannot protect our interests."

Speaking before the summit, Benoit Standaert, Belgian consul general in Atlanta, presaged what he called "reinforced cooperation" among some EU members to create a fiscal union, though he noted that it would be best if all parties were included.

"Probably we will have to have, at a certain stage, the reinforced cooperation between a certain number of states to save not only the euro, but the EU itself. Hopefully, others will join later, the sooner the better."

More coverage on the euro and EU issues from 2011:  

Belgian Finance Minister Says Not to Bet Against the Euro

European Bank President: Germany Key to Europe’s Recovery

Debt Rating Pushes Belgium to Form New Government

Consul: Despite Cameron's Veto, U.K. 'Fully Committed' to EU

German Consul General: Fiscal Union Key for EU

Ireland’s Economy, Southeast Links Show Signs of Growth

Finance Minister Says Turkey Still Seeks EU Membership

Dutch Ambassador: Not All of Europe in Crisis