In May the European Central Bank may announce whether it will employ unconventional monetary policy measures. Throughout March speculation built that the ECB would unveil a plan to buy sovereign and even private debt in the secondary market, especially after ECB president Jean-Claude Trichet failed to deny such rumours. As it was, in addition to disappointing the market with just a 25 basis point cut in the key ECB rate to 1.25% in April, Trichet stated that any decision to deploy new non-standard monetary policy tools would be deferred until May.
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