Taking a pause after a series of extraordinary moves, the European Central Bank is all but certain to keep policy on hold on Thursday, scrutinizing instead the effectiveness and any unwanted side-effects of its crisis-fighting measures.
ECB inaction would also keep up pressure on European Union leaders to finally agree on long-delayed fiscal support, a much-needed measure that would reduce the burden on monetary policy. Rising coronavirus case numbers around the globe are also likely to weigh on consumer and business confidence, holding back spending and investment and raising the chance that any recovery would be slow, uneven and prone to interruptions.
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