Sintra

Just yesterday morning, we said that with the Euro rising as much as it has in recent months (or is that the dollar tumbling), the ECB's next move could - or should - be to talk down the common currency, instead of carrying the hawkish "bias" Draghi has pushed for the past half year, culminating with the Sintra mini tantrum in which the poor central banker was "misunderstood" by markets.

Some potentially displeasing "Sunday Start" thoughts to market bulls, from Chetan Ahya, Morgan Stanley's global co-head of economics, who warns that in light of the recent "hawkish tilt" by central banks, the message is clear: "central banks are more watchful of financial stability risks: It is in this context that central banks now appear to be keen to lean against easy financial conditions so as to pre-empt the rise of financial stability risks.