"As Draghi is wont to do, the ECB’s decision on Thursday is going to surprise markets no matter how bold expectations are.
With over 20 easing options on the table, we expect the core package to include expansion of QE to €75/month until March 2017, alongside a 20bps cut to the depo rate (consensus is for a 10bps cut).
But the ECB is known to surprise on the upside, and it won’t shock us to see additional measures alongside this, such as the introduction of a two-tiered deposit rate."
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