At the meeting in December, the European Central Bank is likely to extend the asset purchase program, under which is buying euro 80 billion a month, until September 2017, says Rabobank.

Elwin de Groot of Rabobank also expects preliminary signals of tapering the asset purchase program in September 2017, although he stressed that the unfolding will take place very gradually and will depend on economic data.

In addition, Rabobank forecast a change in the parameters of the program, which will avoid problems with the lack of assets.

Rabobank no longer expects a deposit rate cut.