Oliver Mangan: ECB, Fed, and Bank of England all struggling to communicate a clear interest rate plan

The European Central Bank can be expected to reaffirm its view that interest rate rises are very unlikely next year

ECB president Christine Lagarde is not expected to signal any rise in interest rates in the eurozone when the bank meets this week.

Three of the world’s main central banks — the US Federal Reserve, the European Central Bank and the Bank of England — are holding key policy meetings this week amidst considerable uncertainty and concerns about the prospects for the global economy.

It calls to mind the famous opening scene of Shakespeare’s great play Macbeth, with its ominous sense of foreboding: “When shall we three meet again? In thunder, lightning, or in rain? When the hurly-burly’s done, When the battle’s lost and won.”