No 'bombshell' announcements are expected from the European Central Bank's (ECB's) upcoming monetary policy meeting on Wednesday.

It will be held in Ljubljana, Slovenia, this time around, where ECB President Mario Draghi will hold the usual post-meeting press conference.

Analysts believe that the ECB will wait for Spain to make the next move considering that it already announced its bond purchase plan for ailing countries that request aid. The key interest rate currently stands at 0.75% after it was cut by 25 basis points early in the year. The deposit rate is at 0%.

"Cutting the deposit rate to negative territory could reduce the fragmentation of the interbank market by incentivizing lending to weaker banks. However, it is difficult for banks to pass on negative deposit rates to clients and this could thus harm the banks' revenues," Danske Bank economists noted.

Economists also believe that an uptick in inflation would justify leaving rates alone for now. In August, the inflation rate for the Eurozone rose from 2.4% to 2.6%.

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