One reason the ECB doesn't send a signal that it will cut rates is to force recalcitrant euro-zone governments into action when it comes to structural and fiscal reforms. "It is governments that now need to contribute to stabilising the economy," Goldman Sachs analysts write in a note. "Further easing measures from the ECB risk would be less effective if they reduce the pressure to make structural reforms." Therefore, Goldman argues that as long as the data do not sour considerably, the ECB will be hesitant to come up with additional easing measures. Still, the bank adds that "further negative surprises with regards to the incoming data would significantly increase the likelihood of another rate cut."
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