The European Central Bank is expected to keep its asset purchase programmes unchanged on July 22, the first monetary policy meeting since its strategy review.

Instead, the ECB’s governing council will likely adapt its forward guidance to signal a firmer commitment to monetary stimulus, analysts say. This is set to be the main policy change as the ECB adapts to the new 2% symmetric inflation target, and wider policy framework, the institution unveiled earlier this month.

In fact, ECB president