More importantly, Mrs. Merkel is to meet Messrs. Hollande, Monti and Rajoy, a troika themselves of 'progrowthers', this coming Friday to consider what might constitute a 'credible package of growth measures' along with other issues for consideration at next week's EU summit (June 28 and 29). This Friday's meeting could be of far more significance for the markets than the two day meeting of the G20, which starts today in Mexico.

Germany, France, Italy and Spain represent more than three-quarters of the eurozone with France, Italy and Spain being half of it. Mrs Merkel will thus be facing off with her most powerful eurozone partners, meaning that she will be unable to ignore their unified pro-growth front. Germany has little choice but to show conciliation towards the uncompromising and counterproductive regime of fiscal austerity. It has little choice but to help spur the eurozone's policy makers into accelerating the action required to push back the 'large black cloud of uncertainty' to which the Governor of the Bank of England recently referred.

David Fuller's view Any viable proposal for growth from the EU would be both unexpected and welcomed by markets.