Any hints of asset purchases?

With the euro-zone recession still gathering pace, we see the ECB cutting interest rates by another 50 basis points to 1.0% this month. Indeed, it should not be long before rates reach 0.5%. But the key issue is what indications the Bank will give that it is prepared to follow the Federal Reserve and the Bank of England into bolder unconventional policies such as asset purchases to support the euro-zone economy. While the ECB looks set to extend the maturity of some of its bank lending this month, we doubt that it is quite ready yet to buy assets outright.