Earlier previews of the ECB meeting can be found here:

Adding a couple more. Via TD:

  • The ECB is almost universally expected to end QE in December, which we agree with. We further expect the ECB to clarify that reinvestments pledged to continue for "an extended period of time" will not see that clock start until "after the ECB begins to raise rates." We also expect a smoother reinvestment profile to ease market liquidity, and more importantly for market sentiment, provide a mild skew of reinvesting marginally more maturing APP debt into corporates, providing a mild credit easing.
  • We expect the ECB will leave the door open for rollover TLTROs, but it is unlikely to announce these until next year.
  • The ECB also releases new projections. We expect relatively minor revisions, despite weaker 2018 growth and lower oil prices, and we do not expect them to suggest a downward bias to the risks.

And TD on implications for the euro:

  • With EURUSD rangebound and the FX market focused on risks elsewhere, we downplay the chances of an outsized move resulting from next week's ECB meeting. That said, we will be keeping a close eye on core EGB rates. A sharp, position-led squeeze higher in bund yields could push EURUSD into a new, higher trading range ahead of year-end.

RBC:

  • ECB meeting comes against the backdrop of weaker growth and wobbling asset markets. Expectations are high that the ECB somehow softens its stance. We see good chances of a disappointment.
  • We firmly believe that the ECB's own assessment will be much more optimistic than the market's, even though some acknowledgement of the slowing environment is likely. Crucially, we do not expect any policy changes to come out of the meeting.
  • Reinvestments: There is likely to be an announcement on the ECB's reinvestment policy, but expect this to be technical in nature. Some guidance on how to use the recalculated capital key will be forthcoming and we expect the ECB to allow itself a longer window for maturing bonds to be reinvested. An 'operation twist' announcement seems unlikely to us.
  • TLTROs: We see some merit in a new round of TLTROs and it is likely that the ECB will discuss the topic. A decision, however, is more likely for early 2019.
  • Staff forecasts: Whilst growth forecasts are likely to be revised down, inflation forecasts might well stay unchanged. Crucially, the 2021 inflation figure that will be rolled out is likely to be close to the ECB's target of 2%.