How high will the European Central Bank dare to go? Barring upsets, the ECB will announce another quarter percentage point rise, to 3.25 per cent, in its main interest rate on Thursday after its governing council meets in the Banque de France’s imposing Paris building – one of its twice-yearly meetings outside of Frankfurt.

By central bank standards, this will be almost an act of provocation. French politicians, such as Thierry Breton, finance minister, have been among the noisiest in urging the ECB not to jeopardise growth prospects in the 12-country eurozone by raising rates.