ANZ Research discusses its expectations around this week's ECB September policy meeting. "A 'bazooka' refers to a package deal with a rate cut and further QE.

"The September policy decision will be an important one. The market expects a cut to the benchmark rate coupled with a resumption of asset purchases," ANZ notes. 

Anything short of this is likely to light a candle under the euro, which has been weighed down by expectations of QE. Recent division over policy on the ECB board suggests this a real possibility," ANZ adds.