New Faces Will Make ECB Watching More Challenging

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While investors may speculate on what a potential European Central Bank presidency under Christine Lagarde would be like from November, more than a third of the Governing Council will also change this year. That creates a higher risk of investors tripping up as they try to assess how the central bank will react to economic events. For this week, Bloomberg Economics expects a 10 basis-point cut in the deposit rate to -0.5% as well as a relaunch of the asset purchase program -- one year of purchases at 45 billion euros ($50 billion) a month.