The pressure is building on the European Central Bank to take decisive action to help bring down the borrowing costs of some countries in the eurozone, which had been rising to crisis levels.

The president of the ECB, Mario Draghi, has raised eyebrows by declaring (in London, last week) that he would do “whatever it takes” to save the euro – a bold statement. But can he deliver?

We’ll find out at 12.45. In the meantime there is evidence that investors are sceptical.

Spain sold just over three billion euros of government bonds this morning. Demand was strong but the interest rate that investors demanded (a measure of the risk they perceive that Spain might default) inched higher.

If Mr Draghi pulls an economic rabbit out of the hat this afternoon, expect them to fall. If he prevaricates (and there are plenty of influential voices that insist he must) they may rise further still.