The European Central Bank (ECB) is likely to stick to the philosophy of "if you're in trouble, double," when its rate-setting team meets Thursday, according to an economist at one of Germany's biggest banks.
"It's clear for most economists that the QE (quantitative easing) program is not very effective. The central bankers seem to be in the mood that if you're in trouble, double. The ECB is not ready to give in," Jörg Krämer, chief economist, Commerzbank, told CNBC Thursday.
Markets are anxiously awaiting ECB President Mario Draghi's announcement on Thursday of what has been decided at the central bank's governing council's regular meeting. While the bank is expected to keep interest rates at their current historically low levels, the council could extend the time frame for its massive bond-buying program past next March and maybe even announce that it will buy new assets.