Analysts at Danske Bank suggest that the December ECB meeting, which will be Lagarde's first meeting as chair, is set to focus on the strategic review.

• “With forward guidance and new QE purchases already set for the coming months, no change in monetary policy is expected for the near future.
• Markets are likely to trade sideways through the press conference. We doubt specific details of the strategic review will be announced but we hope for at least some scope. We do not expect a deadline to be announced.
• We recommend Bund ASW wideners and periphery spread tightening as main ECB QE trades next year. We do not expect next week's meeting to 'rock the boat'.”