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###(2/2) Views Continued: * DB: Changes....>

ECB VIEW
ECB VIEW: ###(2/2) Views Continued:
* DB: Changes to forward guidance are likely, but not in Dec. Expect short press
conference as no new policies unveiled and Draghi to play down imminence of
change. See 3-yr ahead core CPI at 1.6/1.7%
* Danske: Do not expect ECB to make any changes to its policy stance until well
into 2018. Expect ECB to revise up growth and inflation forecasts
* Goldman: Expect overall tone of introductory statement and Draghi to be
broadly unchanged from Oct meeting and maintain forward guidance. See APP being
extended by 3-months announced in June/July but risks skewed to no extension.
* Commerzbank: Following the extension of bond purchases decided upon in
October, Bank is unlikely to approve any more new moves. See growth revised
higher but core inflation left unchanged.

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