Eurozone finance ministers meet on Monday in Luxembourg to focus on macro issues, including the euro's continued slide. European Central Bank Vice President Christian Noyer will attend the meeting, which is expected to discuss the recent weakness of the euro in the light of comments from the ECB suggesting the low euro rate is not a threat to inflation in the medium term.

Both the ECB and Bank of England meet this week and neither is expected to lower their policymaking rates. The Bank of England meets the day before the British national election and policy makers would not want to be seen making a move to favor the incumbent Labour Party. The ECB continues to be caught between slowing growth and higher inflation. And given its mandate, it has to be concerned about inflation first.

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