The European Central Bank's interest rate meeting this week is exciting: 34 economists surveyed by the agency expect no action, and another 32 expect to raise interest rates (pictured). The money market predicts a two-thirds probability of another interest rate hike. There is also a lack of firmness within the ECB's Governing Council as the meeting approaches, according to people familiar with the matter. Policymakers, including Portugal's Mario, worry that another rate hike could jeopardize the European economy. Others, such as Slovakia's Peter, believe that without further action, inflation will not return to the 2% target level, and Governor Lagarde has not made a clear position. The current situation in Europe has triggered concerns about stagflation, with the European Commission lowering its outlook this week and now expecting the economy to grow by just 0.8% this year and 1.3% in 2024. The Governing Council is expected to reiterate that it will continue to use a data-based approach to policy, taking decisions after taking into account the impact of the inflation outlook, potential price pressures and the pace of past monetary tightening on the economy.