It has become a commonplace to declare that central bankers have run out of gas. Markets may still hang on their every word, gesture and twitch of the eyebrow. But in terms of monetary policy there is not much left in the tank.

Yet that does not mean they have lost their political clout. The European Central Bank in particular has huge influence given the vital role it plays keeping the eurozone project alive. Which is good news for the City - Europe's central bankers may prove key allies in the efforts to ensure that financial services don't suffer too badly in the Brexit divorce settlement.