According to analysts at TD Securities, next week's meeting comes sandwiched between two important ECB meetings, and as such, is unlikely to provide much in terms of steps forward.

“After announcing new TLTROs in March, we expect the ECB to defer announcing details until June. The Governing Council likely wants time to observe any potential rebound in euro area growth before committing to the details ahead of the September launch. They have time on their side, and on that front, we remain cautiously optimistic. “Macroeconomic data has started to turn a corner since March, with data surprises on hard data and surveys now in positive territory, while inflation surprises continue to linger around zero. The ECB will not provide updated forecasts but recent data is likely to colour their tone.”