The eurozone economy seems destined to contract in the fourth quarter, as a spike in Covid-19 cases has caused governments to once again tighten restrictions on activity. But the European Central Bank is not seen as riding to the rescue with more stimulus — at least not at Thursday’s meeting.

Analysts say the ECB is more likely to take action at its December meeting. For now, the central bank will present new staff forecasts that will incorporate new developments, some good and some bad, such as the announcement of a European Union recovery fund, a rise in the value of the euro, and a German stimulus package.