The following commentary comes from an independent investor or market observer as part of TheStreet's guest contributor program, which is separate from the company's news coverage.By Marc Chandler NEW YORK ( BBH FX Strategy) -- What Winston Churchill said about America, that it can be counted on to do the right thing after it exhausts the other alternatives, seems equally applicable to Europe. Europe is slowly but inexorably moving toward its own version of the U.S.'s Troubled Asset Relief Program, or TARP. Rather than subprime mortgages and related derivatives, the toxic assets in Europe are sovereign credits, which in some cases -- namely, Ireland -- are a function of the nationalization of private-sector debt. Although Slovakia provided some last-minute drama, policymakers and investors were already anticipating the approval of the reforms of the European Financial Stabilization Fund (EFSF) and looking beyond, toward implementation and a boosting of its firepower. The shift in the focus has helped spur a bout of position adjusting.