Inflation in the eurozone is weak, less than half of the ECB's target, the economic outlook is once again bleak, and policymakers' support for Mr Draghi's massive issuance has never been so low.
All of this overshadowed Mr Draghi's eight-year tenure, which in 2012 helped keep the euro from collapsing and his career at its peak. When Draghi promised to save the euro "at all costs", it became the slogan of rescuing the highly indebted countries in the euro area.
Mr Draghi's subsequent moves have not received much support, and he is expected to spend at least part of his last press conference defending his decision to restart the ECB's 2.6 trillion euro debt purchase program. At the September policy meeting, a third of policy makers opposed the plan.
"We expect Mr Draghi to make a strong and emotional appeal for support for the stimulus in September, and perhaps to defend all the initiatives he launched during his presidency," said ing economist Carsten Brzeski.
Recent data are in his favor. Inflation in the eurozone was only 0.8% last month, and a global trade war could lead to a recession in Germany, the largest economy in the region, and the risk of disorderly brexit in the UK continues to increase.
The ECB is almost certain to hold on Thursday, just six weeks after the launch of a new asset purchase plan, a cut in interest rates and a promise of further easing if necessary.
But investors will try to find out the attitude of the central bank's management committee. After the last meeting, the differences over stimulus measures turned into open quarrels, and finally the German Executive Committee lautenschleger resigned.
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