The third quarter of 2012 was an eventful one as far as financial markets were concerned. Monetary stimulus was back in play with central banks across the world pressing their collective print buttons in an effort to boost the still ailing global economy.

The US Federal Reserve finally put an end to ‘will they, won’t they’ discussions over QE3 by committing to $40bn (£25bn) of stimulus each month until the US job market improves. Likewise, European Central Bank president Mario Draghi took the boldest step to date in his tenure as head of the ECB and announced he would buy the sovereign bonds of any eurozone nation whose borrowing costs grew out of control.

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