Lee Sue Ann, an economist at UOB Group, notes the ECB is widely expected to leave rates on hold at this month’s meeting.

• “This would be Christine Lagarde’s first meeting as ECB president. She may not have to change policy for some time as the latest stimulus package runs its course. But further out, providing more stimulus could be complicated, largely because so much has already been deployed. The ECB’s deposit rate is already at a record-low of -0.5% and its bond-buying programme is close to self-imposed limits on how much of each country’s debt it can own”.