We expect Draghi this week to try to avoid any expectations on further policy changes. The dominant theme in Europe recently has been the acceleration in inflation and real economic activity (Chart of the Day), which ex post seems to justify the ECB's decision to scale back the pace of its purchasing and has led to calls to end QE early. We argue this is premature and that Draghi will likely stick to the December message. On rates, we will focus on three issues: (1) how Draghi will react to the acceleration in inflation, (2) whether the ECB will disclose the implementation details of the new QE, and (3) comments on ... (full story)