A meeting of the European Central Bank Governing Council is unlikely to lead to policy changes, analysts say. "The biggest focus for markets will be around assessing the probability and potential timing of any additional long-term refinancing operation," Nomura economist Nick Matthews said. "But while [President Mario] Draghi will repeat that the ECB has several policy options that can be used if needed, I would expect him to fall short of signalling another LTRO is imminent."

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