The euro recorded its second biggest fall in three and a half years yesterday after it emerged belatedly that a senior member of the executive board of the ECB said the bank would accelerate its so-called quantitative easing programme of bond buying over the coming weeks and months

The euro fell nearly 2 percent against the dollar to just over $1.11.

In a speech in London which happened on Monday night but was not published until yesterday, Benoit Coeure said that the ECB would front-load its bond-buying to offset an expected shortage of new bond issues in July and August.

The remarks were viewed as an attempt to counter speculation that the ECB would begin to ease off on the programme over the months ahead.

The ECB plans to buy €1.1tn in bonds under its QE programme, and an average of €60bn worth of Government bonds per month.

Growth in the eurozone is currently outpacing that in the US and the UK - the economy of the 19-country group grew by 0.4 percent in the first quarter of 2015.

This morning €1 will get you $1.11 and £0.72.