The ECB’s growing confidence that the eurozone economy was on the mend may suffer a setback as the continent reels from the economic fallout of the coronavirus, a leading economist has said.

Business activity in the eurozone picked up at its fastest pace since mid-2011 this month, and far quicker than expected, as slowing growth in France following the November 13 attacks was offset by a buoyant Germany.

When it comes to the long-term national economic effects on western cities from outrages such as the killings in Paris, history tells us that the size of the attack does matter.

Business activity weakened in China and Japan in April and growth slowed in Europe and the US, suggesting the global economy may be less robust than policymakers are predicting.