European Central Bank President Mario Draghi will move back into the spotlight as stock-market investors cheer a shift back toward easier monetary policy by major central banks, with the ECB widely expected on Thursday to at least lay the groundwork for an interest rate cut, and possibly further action, later this year.

“We’re in the middle of a dip in global growth that’s gone on longer than central banks or private-sector banks had expected,” said Bill Adams, senior economist at PNC Financial Services Group, in an interview. “Even with labour markets tight in most developed economies, the slowdown in global growth and the softness in inflation are pushing central banks to ease again.”