Unclear if March action by ECB would boost banks

Distracted by an unresolved migration crisis and talks on keeping Britain in the EU, eurozone leaders could be caught unprepared by a new storm on financial markets.

Global market turmoil since the start of the year has helped set warning lights flashing in eurozone sovereign bond markets.

In early February, the premium that investors charge to hold Portuguese, Spanish and Italian government debt rather than German bonds hit some of the highest levels since the eurozone crisis that peaked in 2011-2012.