The ECB seems certain to deliver the pre-signalled interest rate hike to 1.5% at its July policy meeting. Accordingly, the key interest will be in what clues, if any, it gives on the likely path of rates in future months and what it makes of the most recent proposals regarding a possible roll-over of Greek government debt. The success or failure of the plan could hang on crucially whether it meets the ECB’s stipulation that any such arrangement is purely voluntary.