The European Central Bank will proceed cautiously with a planned crackdown on abuse of its financial market liquidity-supporting options, but it has a range of options for action, analysts said on Monday.

ECB governing council members have dropped hints recently that they will act soon to prevent banks taking advantage of its broad-based system. Yves Mersch, Luxembourg’s central bank governor, said in the US at the weekend that a “certain amount” of refinement to the ECB’s rules had been agreed. The governing council is next scheduled to meet on September 4.