A dramatic US interest rate cut today put pressure on the European Central Bank to follow suit.
But analysts think it is unlikely to drop a controversial "wait-and-see" stance as soon as next week's meeting.
The Federal Reserve's move followed calls by International Monetary Fund chief Mr Horst Koehler for the ECB to lower interest rates to support the European economy and comes ahead of a meeting next week of finance ministers from the Group of Seven most industrialised nations.
Citing the danger of unacceptable weakness in the US economy as well as highlighting the risk of weakness abroad, the Fed took financial markets unawares by cutting its borrowing rate to 4.50 from 5.0 per cent.
Key US rates are now below the ECB's equivalent rates for the first time.
These were left unchanged on April 11th by the bank, which has withstood mounting pressure for a cut from European politicians in recent weeks, as well as calls today from the head of the IMF and Germany's influential Ifo Institute.
Bundesbank President Mr Ernst Welteke earlier defended the ECB, reminding markets that price pressures had yet to be banished after they got wrong-footed by the decision to stay on hold.
The move surprised the market, which had bet heavily on the cut, and reinforced unflattering comparisons with the Fed.
The US authorities have cut rates four times since January, wiping out the interest rate differential between the world's two largest economic blocks but not stunting the rampant dollar, despite concerns for a hard US economic landing.