The European Central Bank is showing few signs of succumbing to mounting calls to slash interest rates at its critical monetary policy meeting next week and now appears more likely than not to leave them unchanged or modestly reduced.

ECB policymakers enter their pre-meeting “purdah” week on Thursday, when they avoid public comment, without having sent any clear sign that their thinking has changed since early December. At that time, Jean-Claude Trichet, the ECB president, said interest rate cuts already announced and government rescue packages should be allowed to take effect – and warned of the risks of cutting borrowing costs too far.