Last week's co-ordinated European rate cuts came as a surprise to a market which has had more than its fair share of surprises this year. Most people thought Mr Duisenberg and Co would hold off until the euro had been up and running for a while - particularly since the flag of rate cuts had been waved so much recently by the German Finance Minister, Oskar Lafontaine. It was believed that by cutting rates the European Central Bank would be seen to be bowing to political rather than economic pressures. And the last thing that anyone in Europe wants is for the ECB to be seen as a non-independent, politically inspired institution. Especially one bowing to German pressure.

However, ECB President, Mr Wim Duisenberg, insisted that the cuts were to restore faltering European consumer confidence and help to boost growth. He acknowledged that the political calls for rate cuts weren't exactly helpful as it "created a certain stubbornness in the minds of central bankers". I can't help visualising the central bankers sitting glumly around the table and muttering that they'd be damned if they were cut ting rates just because Oskar demanded they do so. And then cutting them anyway.

In the event, Mr Duisenberg expected the markets to take the news "sensationally". Sensational might be carrying things a bit far. Equity markets took it in their stride by going up. Such strategies have been making the work of equity traders rather too easy lately - so far this year every fall in the markets has been matched by a fall in rates. This ends up making equities even more attractive - not because anybody believes that the companies are going to return record profits but because they can't think of anything else to do with the money.

Meanwhile, I suppose Central Bank Governor Maurice O'Connell has his head in his hands as he contemplates yet more consumer confidence and growth in Ireland on the back of still lower rates. He must stand in Grafton Street and despair as he sees crowds of people wandering around with their arms full of Christmas goodies. Where you see a bargain, he sees disaster and the Irish economy running down the slippery slope of rampant inflation.

I continued the obligatory spend-fest at the weekend, although I confined operations to a narrow area of the city and refused to allow myself be side-tracked into buying things simply for the sake of it. (Well, not too much anyway.) The thing about shopping is that once you buy something that's anyway bulky, you are a menace to the life and limbs of anyone nearby.

I was attracting some pretty nasty looks as I sallied forth with my assortment of carrier bags. Not to mention the struggle to take the purchases back to the car. Or to the bus. Or to the train. Or even to the taxi rank.

The usual seasonal rush for taxis means that they've become an elusive species once again. Or an endangered species according to Tom Darcy of the Irish Taxi Licence Owners' Association. Apparently, if Dublin Corporation's proposals to allow hackneys to carry ID tags, use bus lanes and two-way radios are implemented, the taxi business will take a dive down the nearest chimney.

At the risk of never being able to take a taxi again (although I've yet to be able to find one when I want one anyway) taxi drivers occupy a place in my heart somewhere near the spot allocated for farmers. The complaints about the fall in the value of a plate if more licences are allowed is completely ridiculous - in any investment (which is, after all, what many of these plates now are) the value of your holding can go down as well as up. So investing in a plate might end up being speculative instead of a sure thing. A concept that anyone who works in the financial markets knows only too well.

And I'm tired of hearing about the non-peak times when drivers are sitting around with nothing to do. All business is cyclical, whether it be during the day, during the week or during the year. You're not going to be busy all the time. Why don't some of the drivers use those slack moments to clean up the cars? Or leaf through the rules of the road again.

I continued to look around for unusual and interesting presents and my tip for the week is the advertised Mensa IQ test.

Now I know that there isn't a hope in hell that I'd even attempt this test - I would be far too devastated to discover that my IQ was somewhere around ground level instead of in the lofty heights where I fondly assume it should be. But maybe other people are only too ready to find out how brilliant they are. Anyway, it's an interesting, if somewhat nerve-wracking gift.

A friend suggested that I was somewhat harsh in dismissing the allergy test last week. The gift of health was a wonderful idea, I was told. Yes, if it was offering health, but all I could see was that it would offer you paranoia as you suddenly discovered that you were allergic to everything in the house. For anyone looking to give me the gift of health, a season ticket to the physio would be a worthwhile choice as my body continues to creak its way around the place.

However, for my friends and colleagues around the IFSC, I would like to remind you that this is the time when you should be buying an extra gift. Nothing sensational, just an extra something for the Inner City Trust's annual St Vincent de Paul appeal.

Many of you will have received notice of this already, but just in case you've forgotten, collectors from the trust will be seeking contributions before December 18th. Your company is asked to leave a box of (unwrapped) gifts beneath the Christmas tree in your reception area. Toys, chocs, socks and the like are all warmly welcomed.

Last year there was an excellent response and naturally the organisers are hoping to do even better this year.

I know that there are many demands placed on people just now but this is an easy way to help an area of the city which has yet to reap the same benefits of the booming economy as others. It's better to give than to receive, as Mr Duisenberg himself might have put it.

Sheila O'Flanagan is a fixed-income specialist at NCB Stockbrokers