Once a star performer in Europe’s 11-year old monetary union, Spain has become the wayward laggard. Growth data last week showed the Spanish economy – hit badly by a property market collapse and soaring unemployment – stuck firmly in recession in the third quarter, while the eurozone as a whole grew 0.4 per cent.

The rollercoaster ride might suggest the European Central Bank would have difficulty calibrating policy steps to suit Spain, as well as the other 15 eurozone countries.