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With no material policy developments expected, the focus will instead be on the press conference. Front and centre will be questions about the impact of the latest Covid social restrictions on economic activity. It will be difficult to fully assess the damage at this stage, with President Lagarde instead likely to assert that risks are tilted to the downside and that the ECB stands ready to adjust all of its policy instruments if necessary. There are likely to be questions on recent political developments in Italy and the Netherlands, but as is customary the ECB will not be drawn into any specific discussion on these.