Hints by Jean-Claude Trichet, the ECB president, and Otmar Issing, the bank’s chief economist, that the possibility had increased of borrowing costs falling have contrasted with comments by several national central bank governors on the committee.

The differences highlight the dilemma faced by the ECB. Economic growth, lacklustre for the past four years, has slowed again, and politicians are increasing the pressure for a further cut in borrowing costs. But excess liquidity and oil price increases are sounding inflationary alarm bells.

Tricky one this for the ECB- does it continue to fiddle whilst Europe burns with over ten per cent unemployment in France, Germany, Belguim, Spain, Greece and Italy in recession, or does it finally do something after two years of inertia and try to get the economies going again by cutting rates? Even a blind man can see the answer!