A picture of the beginning of today's Governing Council meeting in Brussels, one of two a year held outside Frankfurt. May 8, 2014.
Economists expect the bank to keep its benchmark interest rate at 0.25%.
However, some expect a tweak to its Securities Market Program (SMP).
"At today's meeting, we expect the ECB to end SMP sterilisation, but do not look for action on rates or asset purchases," said Societe Generale economists. SMP sterilisation means that the ECB is offsetting its stimulative asset purchases with sales elsewhere. "In light of the data published since the last ECB meeting (robust business confidence, inflation figures close to expectations, and slightly better news from the ECB bank lending survey), the chances of ECB action on rates or asset purchases have fallen."
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