With no change in policy expected at next week's meeting, the ECB is likely to focus on early signs thatthe bond purchase programme is working, alongside a general firming in activity evident in both hard data and surveys.
However, with potential risks still emanating from unresolved Greek-related issues, any optimism from ECB President Draghi is likely to be tempered, notes Lloyds Bank in a report.
Despite Greece clearing its most recent hurdle of a loan repayment to the IMF, its funding position remains precarious with the latest Greek reform proposals not expected to be placed before the Eurogroup until the 24th.
