The ECB kept interest rates at 1 percent as expected on Thursday, leaving markets focused on how Jean-Claude Trichet explains a transatlantic policy split after the Federal Reserve launched a new bid to kick-start the U.S. economy.
All 80 economists in a recent Reuters poll had predicted the ECB would leave rates at their record low for the 18th consecutive meeting.
The euro was unchanged at a 10-1/2 month high against the dollar after the decision and there was no reaction from bond markets. "The interest rate decision was very much expected," said DZ bank economist Thomas Meissner.
Focus now switches to the post-decision news conference at 1330 GMT where ECB President Trichet is expected to signal the ECB remains on its exit path.
With policymakers tipped to wait until December to decide if they can continue to reel in the ECB's crisis support measures, the bank is expected to stick to the view that the euro zone's recovery has enough momentum to ride out any bumps in the road.
The ECB's confident stance on the economy is supported by encouraging euro zone data but leaves it looking isolated among its advanced economy peers and is putting pressure on the euro.
The U.S. Fed said on Wednesday it would start printing money again, committing to buy $600 billion in government bonds. The Bank of Japan made a similar move last month.
The topic is also being debated in the Bank of England which also kept interest rates on hold on Thursday.
"The ECB is likely to stand on the opposite side of the fence to the Fed and prepare the market for a continued withdrawal of its support measures," said Citi economist Juergen Michels.
"Unless the ECB sees a risk of deflation, or there is another really severe intensification of financial market tensions, it is unlikely to change its stance."
J.P. Morgan economist Greg Fuzesi thinks the ECB may tweak its policy statement to reflect increasing confidence in the economy in the wake of recent data.
A rise in manufacturing output in the bloc last month dovetailed with a global improvement. Euro zone economic sentiment also beat expectations, while ECB lending data has fueled hopes the long lull in credit markets may be over.
Thursday's service PMI data were more mixed, however, with Germany outperforming while other states lagged.
"In terms of risks, the ECB will likely see those slightly on the upside for inflation, but it will be more interesting to see if the growth risks are upgraded from 'slightly tilted to the downside' to 'broadly balanced'," Fuzesi said.
