Andrew Balls, deputy chief investment officer at bond manager Pimco, believes the odds are in favour of the European Central Bank introducing a quantitative easing programme similar to the bond purchases by central banks in the US and Japan.

But he believes nominal growth of 3% should be enough to maintain stability, assuming policy rates remain low: "There are tail risks, for sure, around this secular baseline, but we see the eurozone as offering a wide range of opportunities for investors."