ECB Executive Board Member Yves Mersch was quoted by Reuters Wednesday saying that the bank could launch a combination of policies but that the timing of the implementation could vary.
Draghi's increased focus on credit means that the probability of a bank lending measure has increased, according to Pernille Bomholdt Nielsen, an analyst at Danske Bank.
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"The ECB's preferred bank lending instrument will be a targeted LTRO (long-term refinancing plan). The ECB is likely to be inspired by the Bank of England's Funding for Lending Scheme," she said in a research note on Wednesday.
Judging from his speech on Monday, Draghi seems to be currently mulling over which sort of credit easing to launch. While he may opt for LTROs, analysts also warn that these loans end up on banks' balance sheets and would therefore be less effective if lenders are increasingly fearful of being undercapitalized, especially with banking stress tests taking place.
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Pimco also said on Wednesday the ECB was likely to provide further LTROs to banks in the short term, which could be conditional on them boosting loans to small and mid-size businesses.
It also forecast the ECB would lower its main interest rate even closer to zero percent, as well as the rate on its deposit facility to negative levels in the short term, though not necessarily as soon as next week. The deposit rate is already at zero percent and negative rates would mean that banks would effectively have to pay to park money with the ECB.
On the other hand, Draghi could use off-balance sheet purchases of asset-backed securities. This is a more direct route but would leave a greater credit risk for the central bank. Frederik Ducrozet, the senior euro zone economist at Credit Agricole, believes that the ECB could announce an open-ended private QE (quantitative easing) program like this in June and define the operational details at a later date.
"Communication will be an important part of the June 'package'. We expect Draghi to leave the door open to unconventional action in case inflation fails to pick up by year-end," he said in a research note released on Tuesday.