In short, because they don't have to right now
That's not to say they are, or will be, complacent but I'm not expecting any fireworks today from the decision/statement at least. The Q&A ,as always, is a different matter and we must always keep on guard
I reckon they will
- leave interest rates on hold ( decision due at 11.45 GMT)
- raise forecasts on inflation particularly given yesterday's encouraging CPI reading for May with its HICP flash 0.3% vs 0.2% exp y/y - Core jumping to 0.9% Ryan had it all here
- give themselves a pat on the back for some stronger data recently
- highlight the encouraging progress on unemployment
- express caution over Greece but keep comments to a minimum, deferring to this evening's discussions
- reiterate that QE will run its course until Sept 2016
- reiterate that there are enough bonds out there to buy and the current front- running is simply common sense ahead of greater illiquidity in the Summer.
In addition we will get as range of economic forecasts from the ECB staff team as Eamonn highlighted in his preview here
As for the Q&A well that's when it could get interesting with every journo in the room trying to trip him up.
But Draghi is an old pro at that game and will only leak, divert from script, if he allows himself to for intended purpose
Expect security to be tightened up after last month's debacle where he was attacked as he sat down but even that didn't knock Mr Smooth Operator off his perch for long.
You can watch it all here, and if you tune in now you get a really groovy piece of ambient sounds.
