ECB chief Mario Draghi will announce more monetary policy action at a news conference later Thursday, after the bank cut a key interest rate again in a bid to kickstart stubbornly low inflation.

"Further monetary policy measures will be communicated by the President of the European Central Bank at a press conference" starting at 1330 GMT, the bank said in a statement. Analysts are expanding the ECB to expand its controversial bond purchase programme, known as quantitative easing.