The European Central Bank's policymaking council convened today with financial markets geared up for lower interest rates soon.
Most analysts doubt, however, that the ECB will deliver a cut this week.
A distinctly softer tone in the ECB's recent rhetoric has convinced markets that the bank, which has stood firm since last October, was now inclined to join other top central banks in lowering borrowing costs in response to cooling global growth.
But few analysts would make firm bets on the outcome of today's meeting, as the ECB has stopped short of explicitly abandoning its wait-and-see policy stance and kept markets guessing about the timing of an anticipated easing.
Markets homed in on last week's comments by ECB heavyweights like chief economist Mr Otmar Issing, who signalled the bank had grown more relaxed about inflation risks and was less upbeat on euro zone growth.
But ECB President Mr Wim Duisenberg repeated only a week ago that the bank's rates remained on hold and comments from other council members could also be taken to mean the ECB council was not ready yet to lower its 4.75 per cent benchmark rate.
The ECB is due to announce its rate decision at around noon today.