Austria has stepped up its campaign for the EU to aid struggling eastern European economies, with Ewald Nowotny, the governor of the central bank, telling the Financial Times “I cannot imagine a policy of benign neglect will be the last word” for countries of strategic importance such as the Ukraine.

Keen to downplay the problem as one that will bring down Austrian banks, Mr Nowotny insisted that three-quarters of the loans of his country’s banks were to EU eastern European countries with the biggest share in the relatively stable Czech Republic.