The ECB's decision-making governing council is scheduled to hold its regular policy meeting on Thursday, a month after Britain voted to quit the European Union.
While the initial market turmoil triggered by the shock outcome has abated, taking the heat off the ECB and other major central banks to charge to the rescue immediately, observers believe the true extent of the economic damage will only become discernible later.
Britain's new prime minister Theresa May has yet to decide when to trigger Article 50 of the Lisbon Treaty, formally notifying Brussels of Britain's exit and starting a two-year countdown on divorce from the EU. The full economic consequences of Brexit are
only likely to become clear during the negotiations on the terms of its exit.
The Bank of England already held fire on an interest rate cut last week, although it flagged it will likely act at its next meeting in August. The ECB is similarly likely to bide its time, analysts said.