Frederik Ducrozet in the Financial Times

The European Central Bank is once again at a critical juncture ahead of a major reshuffle of its governing council.

It meets on Thursday after fresh strains have emerged in European bond markets in recent weeks. Growing concerns over a fiscal crisis in France have led to a widening in the spread of sovereign bond yields, fuelling speculation at times that the ECB will have to intervene to stop financial stress from spreading to other countries. (...)