ANXIOUS market analysts and investors had a little longer than usual to wait for the outcome of yesterday's Bundesbank council meeting.

The tradition is that after the last meeting before the summer break the council members gather for a few drinks. Not a few beers in the local, you understand, but no doubt a few glasses of the best champers in the boardroom. And a toast, no doubt, to the confusion in the markets caused by their decision not to cut interest rates.