Mr Draghi gave an even stronger signal than heretofore that the ECB will extend its quantitive easing scheme at its December 3 meeting. He blamed the failure of inflation to increase on the slow down in developing countries.

Mario Draghi can not catch a break.

German industrial output posted its steepest drop in more than a year in September, raising concerns that Europe’s biggest economy may feel a year-end chill from a slowdown in emerging markets.