Credit Agricole CIB Research discusses its expectations for tomorrow's ECB policy meeting.

"For the first time since becoming President of the ECB, Christine Lagarde can enter the press conference room with nothing to say. It does not mean that the situation is perfect, under control or even improving, only that after the December 2020 decision, the ECB can sit on its hands until at least the middle of this year, and more likely until the end of this year," CACIB notes. 

"The ECB could use this press conference to fine-tune its messages about fiscal policy, its support for the Eurozone economy and its commitment to meeting its aim. It could even use this meeting to restart its discussion about the Strategic Review. But we doubt that we will learn anything about its monetary policy outlook," CACIB adds.