### (1/3) Analysts expected ECB to leave...>

ECB VIEW: ### (1/3) Analysts expected ECB to leave forward Guidance unchanged

for now:

- Goldman: Expect no changes to ECB policy rates, the APP or forward guidance at

Jan meeting, more likely to occur in March. Still see QE extended to end of 2018

and first hike in 2H of 2019.

- Commerzbank: Do not expect rate hike before Mid-2019. The adjustment of the

forward guidance is likely to be postponed due to many on the GC wanting to wait

until meeting in March.

- UBS: See no incentive for ECB to foster rate hike expectations further at this

stage. Consider March the earliest meeting for changes to policy guidance.

- ING: Expect Draghi to convey a rather dovish message, pointing to still weak

CPI pressure and also emphasizing the disinflationary impact of a stronger Euro.

Stick to view QE will not stop in Sep and no rate hike before Mid-2019

- RBC: Don't expect any major announcement, but see changes to guidance in

coming months with sequencing remaining as it is. See ECB tapering QE to Dec-18

and first rate hike early in H2 2019