The euro zone is never truly comfortable without a crisis of some sort. This week's related to the capital adequacy of Italian banks, which are lumbered with disproportionately high levels of non-performing loans. A change of prime minister complicated what was already a tricky problem but it now looks as though the government will chip in €15bn of support to keep the institutions afloat, even though to do so would be to break EU rules.

Crises aside (oh yes, the Greek one is still simmering too), Euroland did not have a great deal to say for itself. The number of people in work went up by 1.2% in the year to September while industrial production was incrementally lower in October. The result was an average performance by the euro. It lost the better part of two cents to the class leader, the US dollar, and was down by half a cent against sterling