Here Comes The ECB's Big Announcement...

In September, the ECB announced a bundle of new policies, including purchases of covered bonds (which have barely started), so most analysts are not expecting any big decisions at this meeting. They anticipate the bank will leave its benchmark interest rate at 0.05%.

Here's all the important news that's broken about European economic conditions and the inside workings of the ECB since the last time the governing council met.

That said, there have been a large number of leaks from the ECB in the last month suggesting that personal relationships between Draghi and the other national governors, particularly Germany's Jens Weidmann, have deteriorated. Questions about that will undoubtedly come up during the press conference at 1.30 p.m. GMT.

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