The European Central Bank is used to balancing the risks of inflation and recession while half of the eurozone grows strongly and half falters. It faces no such dilemmas this week. The currency union has slumped into what will probably be a prolonged downturn. When it meets on Wednesday the central bank’s governing council must cut rates – and heavily.

The ECB, not unreasonably, was raising rates right up until July this year because of the threat of runaway inflation. After a bleak few months, however, the outlook has changed altogether. The European currency area is now in recession while inflation is falling.