Here is a long piece from Bank of America / Merrill Lynch;
it comes via eFX
The
March ECB meeting could be the most difficult in recent years, as more
easing may not have a sustained market impact. In contrast to the recent
past, the ECB is now dealing with global shocks, which are much more
difficult to address. The ECB has to think outside the box, but we do
not expect it to. Markets could be disappointed, although for different
reasons from the ones in December. We
expect the Euro to weaken further ahead of the ECB meeting, as the bear
market rally continues and investors position for more ECB easing. We
would also expect Draghi to do his best to avoid another market
disappointment. However, we do not expect that more of the same would be
enough to offset the global forces that have been driving the Euro this
year.