BoE, ECB to take center stage with policy decisions

Ralph Orlowski | Reuters

The European Central Bank (ECB) and Bank of England will announce Thursday their latest policy decisions.

While the Bank of England's Monetary Policy Committee is meeting as the U.K. economy continues to grow - albeit at a weak pace - ECB President Mario Draghi's team will have to deal with concerns over the euro zone's weak growth and dangerously low inflation.

Read More Why the ECB may not want to join the QE dance

At its last meeting, the ECB unveiled the details of its plans to buy asset backed securities and covered bonds. It has also cut interest rates to an all-time low of 0.05 percent and is in effect charging banks to deposit funds with it.

Despite such major policy changes as asset-backed securities, covered bonds and record low interest rates, some have criticized the ECB for not doing enough, calling for full-on quantitative easing.

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