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What action will the ECB take this week?

Sean Gallup | Getty Images

There are central bank meetings in England, Australia and India this week, but the European Central Bank's (ECB) meeting is expected to dominate the agenda.

Hopes for policy action at Thursday's ECB policy review have been high since ECB president Mario Draghi said in Portugal last week that the central bank must be prepared to take action if risks surrounding persistently low inflation emerge.

He echoed comments made earlier this month when he said the ECB may consider fresh policy measures at its June meeting following the publication of updated economic forecasts by the bank's staff.

Read MoreEurope's SME crisis: Why Draghi's plans may not work

Among measures available to the ECB are: setting a negative rate for banks depositing money with it; a program for buying asset-backed securities or long-term refinancing operations (LTROs).

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