The Bank of England and the European Central Bank interest rate-setting committees both met on Thursday. They face similar economic crises but gave very different answers to the problems facing them. The UK central bank is acting in proportion to the severity of the crisis. The eurozone’s monetary authority is doing far too little.

The UK economy is still limp and lifeless. Output fell by 1.5 per cent in the fourth quarter and unemployment is creeping up. The annual inflation rate is now down to 3 per cent – and plummeting. The Bank is right to worry about allowing falling prices to become entrenched into deflation.