Germany's plans to drastically increase government spending will be a focus at President Christine Lagarde's press conference.

The European Central Bank cut interest rates again on Thursday but warned of "phenomenal uncertainty" including the risk that trade wars and more defence spending could fuel inflation, raising the prospect of a pause in its policy easing next month.

There’s no direct mention of the momentous geopolitical events of recent days. But the Governing Council says that “especially in current conditions of rising uncertainty, it will follow a data-dependent and meeting-by-meeting approach.”