###(1/2)LESS EVENTFULL ECB MEETING.........>

ECB VIEW: ###(1/2)LESS EVENTFULL ECB MEETING EXPECTED BY BANKS:

- Citi: No change in policy likely as monetary policy has been largely set on

auto-pilot. Expect 15bp hike in depo rate in Sep 2019 and then 25bp in Dec 2019

- Barclays: Expect few new insights given the comprehensive roadmap already

announced. 2 possible areas to watch would be comments on reinvestment dynamics

and Greek bonds being added to PSPP list.

- BNP: Despite perk up in data do not expect ECB to sound much different. Draghi

likely to dodge q's on timing of next rate hike, operation twist while possible

is difficult to implement and unlikely to be announced at this stage

- Nordea: July meeting not likely to offer much new information as data has not

surprised since last meeting in June. Slight risk GC clarify forward guidance.

- UBS: Meeting likely to be less eventful than June's. Focus likely on ECB

latest assessment of economic outlook with markets hoping for better

understanding of QE reinvestment and timing of first rate hike (Sep 2019).

- RBC: Likely a relatively low-key affair. Main interest will be whether or not

ECB will give any further details on how its reinvestment strategy will work.