Also on the schedule are the Spanish general elections, where voters could reject austerity imposed upon them by Brussels, and the potential for radical new monetary stimulus from the Bank of Japan.

None of these events can be discounted, and every one is difficult for investors to prepare for.

Take, for example, the coming ruling of a German court on one of the measures introduced by the European Central Bank during the depths of the eurozone crisis.

The tool – part of a pledge by Mario Draghi, the ECB President, to do “whatever it takes” to preserve the euro – is controversial in some German corners, despite never having been used.

The Outright Monetary Transactions programme (OMT) would have allowed the ECB to buy unlimited amounts of debt from an embattled European government, a promise that helped to restore faith in the eurozone.

However, the German constitution forbids transfers from German taxpayers to other governments. If the Karlsruhe-based court does rule against OMT, then it could undermine confidence in the kind of economies that the programme was designed to support.

Justin Knight, a UBS strategist, says that he doubts that a ruling against OMT would have a sizeable market impact. Peripheral bond markets are in a much stronger position than they were in 2012, and countries have adopted meaningful economic reforms since.