A preview of the European Central Bank monetary policy meeting today, 21 January 2016

Its from the Wall Street Journal and in a departure from their '5 Things' format, its '5 Questions' instead.

1. What is the ECB expected to do today.

  • To cut a long story short, not much.

2. What about the impact of oil prices?

  • ... " perhaps the biggest variable"

3. Can we expect more ECB actions this year?

  • What to watch for to indicate this

4. What is it the ECB can (and will) do?

5. Should we expect extra cautious language from Draghi given his loss of credibility after the last outcome?