South Korea Central Bank Signals Cautious Policy Amid Inflation and Middle East Tensions 
BOJ Rate Decision in Focus as Yen, Inflation, and Nikkei Hang in Balance 
Bank of Japan Governor Signals Accommodative Stance Amid Negative Real Rates 
Federal Reserve Probes Big Banks Over Private Credit Exposure Amid Growing Systemic Risk Concerns 
Japan Inflation Expectations Rise as BOJ Rate Hike Timing Faces Uncertainty 
Gold Prices Fall Amid Rate Jitters; Copper Steady as China Stimulus Eyed 
ECB President Mario Draghi manages to "force" a decision next week, but the bar on an immediate response seems to be high.
An expectation of announcement of QE2 is extended from October to December. It is believed that the dataflow is more and more consistent with an additional layer of monetary stimulus, but the ECB-speak - in particular Benoît Coeuré on Monday - suggests that a consensus may yet take some time to form at the Council.
Analysts would not be surprised by "compromise solutions" next week, with for instance strong hints at a "thorough review of the programme by year-end." The more the ECB waits, the more it will have to do to convince the market it can deliver on its price stability objective. Further, the lack of a quick response could cost the Euro area's GDP growth 0.2/0.3ppt in 2016, still leaving a decent pace (above potential) but with no acceleration relative to this year, says Bank of America Merrill Lynch.
