Analysts at Deutsche Bank see the ECB press conference as an opportunity to inject confidence into the economy and the monetary policy process.

“They see there being two steps necessary to correcting. The first is for the ECB to talk up the economy and the second is clarification around the reaction function and talking up policy. From the perspective of managing risk, TLTRO3 is not sufficient in our colleague’s view and they now expecting tiering as part of their baseline in the coming months, however it’s unlikely that any new policy will be announced today with June more likely.”