Former government colleague of Jos? Maria Aznar, and now International Monetary Fund managing director, Rodrigo Rato has also been voicing opinions today.

In an interview given to the Spanish magazine Expansion, he says:

A 48-hour limit would push the eurozone in ‘the opposite direction’ from the rest of the world. ‘It is sending the wrong message…. ‘I don’t know what social model they are defending by stopping people doing more’…. ‘There is not an alternative to the US as the engine for growth’

He also reiterated his view that the European Central Bank should be ready to cut interest rates if signs of ‘greater weakness’ emerge. The ECB has ruled out such a reduction.

It seems that outside the ECB there is a growing consensus that we might see a rate cut before year’s end.

Meanwhile the bond markets continue to price in a cut

The 10-year bund yield reached 3.27 percent two days ago, the lowest ever for Germany’s benchmark. Yields, which move inversely to prices, fell amid evidence European economic growth is faltering.