ECB HOLDS

Analysts weren't expecting a change.

Since late 2014, the ECB's deposit rate has been at -0.20%, and its refinancing rate at 0.05%. All the communication so far has suggested that it won't go much further into negative territory. That avenue is pretty much exhausted.

But inflation is still low. even core inflation, which strips out the effect of the recent oil price plunge, is at just 0.9%. The ECB's target for inflation near but just below 2% isn't being met.

So most analysts agree that any move the central bank makes will be designed to ease financial conditions further, and try to give the bloc's economies a boost.

It could strengthen its QE programme. The ECB is currently aiming to purchase €60 billion ($67.91 billion or £43.85 billion) in assets per month, until at least September 2016, or until there's an appreciable pick-up in inflation and inflation expectations.

It could choose to raise that figure, broaden what assets it can purchase, extend the maturities of the purchases, or extend the period for which it intends to buy the securities (mostly government bonds). Basically, the QE programme could still definitely be stepped up.

Most analysts don't seem to expect that to happen at the upcoming meeting. But the press conference 45 minutes after the decision may yield more hints as to whether or when it could happen.

In September ECB President Mario Draghi spoke at the European Parliament, suggesting that he was monitoring financial and monetary conditions in the eurozone closely for any signs that they're tightening.

With increased financial market volatility over recent months, conditions have tightened, but not by too much. Here's what the euro area's monetary conditions index looks like: