FXStreet reports that Carsten Brzeski, Chief Economist at ING, thinks that for this week's meeting, strong communication to do 'whatever it takes' by reiterating that the ECB stands ready to increase and extend the Pandemic Emergency Purchase Programme (PEPP) at any time could be sufficient to bridge the gap until the June meeting.

"However, remember that particularly regarding communication, the March meeting did not really stand out."

"Christine Lagarde's faux pas on yield spreads and the (no personal) need for 'whatever it takes' added some bruises to the ECB's reputation as almighty crisis manager. The measures taken since the March meeting have restored this reputation."

"A strong and convincing message from Lagarde on Thursday could therefore save the ECB from taking even bolder steps, at least for now."