Despite a recent trend of improvement, the deterioration of the health crisis in the last quarter in Europe significantly worsened the economic situation and may still weigh on growth at the start of the year. It is in this context that the ECB’s monetary policy decision is expected today. The promise of marked action has been made by the authorities. Nevertheless, market expectations have become increasingly demanding in recent times. The ECB will have to satisfy the market, but perhaps not the most aggressive expectations. Its action could be reinforced by the lifting of the mortgage that weighs Poland and Hungary on the adoption of the European stimulus budget. These countries are said to be in the process of giving their agreement. At the same time, Brexit negotiations are continuing, with no real progress on the points of disagreement. ■–
