ECB chief on June 10 said it was "too early" to consider winding down pandemic support, even as the economic recovery gathers steam and inflation surges.
Investors this week will also focus on the Bank of England's monetary policy meeting on Thursday and the release of euro area flash PMI data on Friday.
Central bankers in the euro zone and around the world are debating what their role should be in the fight against climate change.
"Another possibility would be to pursue a more sophisticated 'tilting strategy' under which the ECB could adjust its monetary policy operations more gradually in line with sustainability considerations," Schnabel said.
"The tight trading ranges seen so far this month reflect the cautious mood in the market ahead of the inflation numbers," said Fiona Cincotta of City Index.
The ECB is expected to keep policy settings steady, but the euro is likely to be sensitive to changes in the bank's economic forecasts or any signal that the pace of bond buying could be reduced in months ahead.
The pan-European STOXX 600 index rose 0.4pc to a new closing high of 452.57, having earlier hit an all-time high of 452.71. It added 0.8pc for the week.
The rise in inflation was widely expected but will rattle investors after consumer prices in the US made their biggest leap since 2008, fuelling fears that the economy was overheating.
Euro area yields had risen sharply earlier in the month, with Germany's 10-year yield nearing positive territory last week, driven by speculation that a stronger economic outlook driven by speedier vaccinations in the bloc could prompt the ECB to slow the PEPP purchases at its June 10 meeting.
The extent to which Weidmann would deviate from recent dovish signals by ECB policymakers was being watched particularly closely as he is among the most hawkish at the bank.