###POV: With the ECB still gauging the..........>

ECB: ###POV: With the ECB still gauging the effectiveness of the September

easing package and discussing the potential side effects of unorthodox policy,

coupled with the tentative stabilisation in economic data and the lack of new

staff macroeconomic projections, this week's Governing Council should be

relatively uneventful. Attention will be focused on the ECB's strategic review,

with markets looking for further details on the review parameters:

- Baseline: The ECB leaves policy unchanged and acknowledges the recent

stabilisation in economic data. Lagarde provides few additional details on the

strategic review.

- Dovish Surprise: The ECB strikes a cautious note with respect to the recent

economic dataflow, downplays the perceived improvement in external risks,

reaffirms its commitment to the current accommodative monetary policy setting,

and/or indicates that new monetary tools will be examined in the strategic

review.

- Hawkish Surprise: The ECB sounds more optimistic on the trajectory for growth

and inflation and/or changes the risk assessment to 'balanced'.