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###(1/2) Banks See No Change Thursday,.....>

ECB VIEW: ###(1/2) Banks See No Change Thursday, Eye Draghi Comments On Eurozone
- Morgan Stanley: With no decision likely, the Q&A will probably focus on what
happens next. See ECB signalling end of QE in Q4 2018 in June.
- BAML: Expect little from ECB, might acknowledge data downturn but reassure
markets March forecasts remain valid. Base line remains changes will come in
June, but risk it could be pushed to July.
- TD: Likely to be a straight forward meeting. A change in ECB's language on
upside risks to growth is likely to be the most important change to Draghi's
statement by switching to a more defensive tone.
- Citi: Little expected with June meeting likely to be interesting with Forward
guidance left unchanged. Think ECB will announce QE taper at June meeting
- Commerzbank: ECB Council unlikely to pass any resolutions on Thursday, but
will start discussing the future course of monetary policy.
- RBC: Do not see ECB making any changes this meeting. See July for next major
decision point on QE and major change in forward guidance.

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