The eurozone: engine of the world economy. It may sound strange but it has more than a grain of truth. First-quarter gross domestic product grew 2.2 per cent year on year compared with forecasts of 1.7 per cent. The eurozone’s share of global GDP, at 22 per cent in current dollars, is only just below that of the US and double that of the Bric countries (Brazil, Russia, India and China). A show of animal spirits from the old continent could prop up the world economy if the US grinds to a halt.

In spite of some spectacular bank blow-ups and still tight money markets, the impact of the credit crunch on the eurozone economy has been limited so far. Lending terms have tightened but, says the European Central Bank, there is “little evidence” that financial market turbulence has had a strong impact on credit provision. Unlike the US and UK, there has not been a decline in house prices across the continent as a whole.