The ECB rate decision is up and but the conference is where the action is going to take place. The markets are expecting policy to remain unchanged but the Language of the ECB will be of more concern to the markets. The fear is that the ECB is not doing enough to boost the growth of the Eurozone with an extension of the purchase program or additional stimulus measures. But the abilities of the ECB to take more stimulus actions are where the issues are starting to come forth.
The Eurozone has not been fully integrated with fiscal measures, and the guidelines of monetary policy are in a grey area at the moment. The problems that are slowing growth in the zone (low growth, high debt, high unemployment, etc.) need to be solved politically. With the rise in right wing politics across Europe and major elections across the continent within the next two years, very little is expected to come from the current political climate, possibly even less in the future.
It would be interesting to note in today's speech by Draghi if these needs for fiscal stimulus and political action are brought up. One thing is clear, that Draghi will have to continue to convince the markets that more measures can be taken to boost growth and inflation even without the help of the fracturing governments of the Eurozone.