Deutsche Bank analysts suggest that the market is expecting no changes in interest rates from the ECB this week but the meeting will be closely watched as it’s the first monetary policy decision since President Lagarde came to office.

“It’ll be interesting to see what she says in the subsequent press conference, and whether there are any updates on the upcoming strategic review. In their preview out late last week, our European economists write that they expect the Governing Council “will likely remain cautious and view the balance of risks as still tilted to the downside.” Yet they also say that they think Lagarde will make an immediate change, and they say that “we expect the willingness to use “all instruments” to be conditioned on an assessment of the possible side effects of policy.”