The European Central Bank, the youngest of its peers, is rarely seen as the nimblest. It stands accused of being too hawkish on inflation and of staying “behind the curve” in the crisis. The criticisms reflect that it has been a tortoise, not a hare – which, as in the fable, has been no stupid choice.

European banks will on Wednesday cast around for collateral to benefit the most they can from the ECB’s offer of unlimited liquidity for one year at its main policy rate of 1 per cent. Borrowing may exceed the record €349bn for a single liquidity operation – 8 per cent of the eurozone’s narrow money supply.