With fears mounting of a marked US economic slowdown, the euro reaching record highs and the UK having to rescue a large bank, will the effects of global financial market turmoil soon hit eurozone economic growth?

Jean-Claude Trichet, European Central Bank president, has a track record as a serial optimist. In late 2005, in spite of widespread scepticism, the ECB was convinced robust growth had returned to the 13-country region and started raising interest rates.