The European Central Bank is unlikely to cut interest rates this afternoon.

Economists say the bank's 23 member governing council will probably leave the benchmark lending rate at a record low of 0.5% when they meet in Frankfurt later.

There are hopes that the recession in the Eurozone could be bottoming out, supporting the ECB's expectations of a recovery later this year.

Davy Chief Economist, Conall Mac Coille, says the ECB could come in for some criticism for not doing enough to boost the European economy if that recovery does not materialise: