Most economists expect the European Central Bank's (ECB) council, which is discussing policy today, to leave interest rates unchanged, but some say a cut is possible.
The decision is expected to be announced at about 12.45 p.m. No news conference has been scheduled. It is the last time the ECB's council will meet before its August break, and it will reconveneon August 30th.
Today's meeting is taking the form of a telephone conference rather than the usual meeting at the ECB's Frankfurt headquarters.
That, some economists have said, suggests the bank will refrain from moving rates. It has never moved interest rates after one of its rare telephone conferences.
"We expect a 50 basis point by the ECB on August 30th, but a cut already today cannot be ruled out," Rabobank economist Mr Bernard Walschots said in a research note.
Economists say the ECB has done nothing in recent weeks to prepare markets for a rate cut despite a wave of heavy job cuts announced by top companies.
But data released this week has confirmed the euro zone's economic slowdown is worsening to such an extent that some economists say the ECB may be inclined to lower rates before it starts its four-week recess.
The bank has sought to make clear over the last month it is not poised to cut. It has tried to avoid the confusion that surrounded its last quarter-point cut on May 10th, which was criticised in financial markets because it took themby surprise.