There is nothing like a shot of liquidity to set the market's pulse racing. The first European Central Bank offer of cheap, unlimited three-year loans to banks pumped €198bn of new money into the economy net of funds used to roll over existing ECB facilities - enough to fuel a substantial rally across asset classes.

But as with any artificially induced high, the euphoria is liable to wear off unless the dosage is increased. On that basis, next weekend's second Long-Term Refinancing Operation risks being a disappointment.