The public's willingness to accept economic reform may be a greater problem for Europe this year than the stubbornness of the ECB, according to the managers of the Ruffer Investment Company.
We ask investment experts for their forecasts for 2012.
Markets have struggled to gain further ground after the European Central Bank announced it had lent almost €500bn to banks in a three-year liquidity operation.
The European Central Bank has cut interest rates by 25 basis points to 1% and announced new measures to help ease funding pressures.
Global stock markets rallied hard yesterday on news of co-ordinated action by major central banks to improve liquidity, but analysts are divided over whether it will lift markets further in December.
The Dow Jones Industrial Average rose by almost 500 points overnight as US indices jumped following news of co-ordinated central bank action to ease liquidity concerns.