Analysis: The analysis believes that the challenge for the European Central Bank lies more in the future interest rate path, rather than Thursday's decision.

Wolfgang Bauer of Royal London Asset Management stated in a report that the bigger challenge facing the European Central Bank may not be the current decisions themselves, but more so the future path of interest rates. The fund manager noted that futures markets are currently expecting the ECB to raise rates nearly three times before the end of the year, which he believes is "somewhat too high" given the current economic situation. Bauer stated that if this significant tightening of policy were to become a reality, it could significantly weigh on the already fragile growth momentum in Europe. According to data from the London Stock Exchange Group, the market is already fully expecting a 25 basis point rate hike at Thursday's ECB meeting.