The odds are high that ECB President Christine Lagarde will stress the central bank's ability to do more if needed.
"Surely the ECB would have hoped to be safe for much longer after launching its PEPP bazooka on March 18, but the reality is that the economic and political situation remains highly challenging with the central bank still perceived as the only credible bulwark against an unwarranted tightening of financial conditions," said Frederik Ducrozet of Pictet Asset Management in a note.
"It will be an opportunity to take stock, as the first hard data for Q1 start coming in, painting a clearer picture of the initial damage to the economy," said Anatoli Annenkov with Societe Generale in a note to clients. The ECB's April lending survey shows that credit standards for loans to enterprises and households have tightened in the first quarter, while demand for loans and drawing of credit lines have surged.
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