UOB Group's analysts have ruled out any significant announcement regarding monetary policy by the ECB this month at their Quarterly Global Outlook.

• “In his penultimate meeting as ECB President, Mario Draghi unveiled a fresh package of stimulus measures. This was Draghi’s final “whatever it takes”, whereby it wasn’t just a return to QE, but QE in perpetuity. However, the ECB declined to discuss whether it would lift the cap on the proportion of a country’s bonds it is allowed to hold (a limit it is already close to hitting).
• Furthermore, the question remains whether what has just been unveiled will be sufficient to get Eurozone growth and inflation back on track as fiscal policy remains a huge issue.
• The September meeting will not be Draghi’s last, but we do not expect any major announcements at the October meeting. Whilst Draghi has certainly left plenty of room for maneuver to his successor Christine Lagarde, her first policy meeting in December is also unlikely to be groundbreaking”.