The European Central Bank (ECB) will extend its bond-buying programme of quantitative easing until at least December next year. 

At the same time, it announced a modest scaling back of the QE, from €80bn to €60bn a month from next April.

Investors reacted, unsurprisingly, with positive sentiment and yields on most eurozone government bonds were up slightly on the news.

When is this artificial economic and market growth going to end? 

The economy of Europe as a whole is without doubt in poor shape, supported by QE and saddled with huge sovereign debts which threaten to emerge with a fresh crisis at any time.

Even by tapering the bond purchases down from next April, this is still a further €540bn in QE being pumped into the markets, more than the combined GDP of Greece and Portugal in less than a year.

So much QE has taken place in Europe that the ECB now have to buy bonds with a negative yield, some of which have a negative yield because of previous QE. Madness doesn't quite sum it up.

Investors will need to tread very carefully in coming years to avoid overexposure to assets which could go off a cliff edge when QE stops and is subsequently unwound.