ECB President Mario Draghi and Bundesbank President Jens Weidmann. Photo: Mehmet Kaman/Anadolu Agency via AFP

While European Central Bank policy makers are still likely to discuss a small tweak in their communication stance next Thursday, sources said that no major policy shift is expected.

Three people with knowledge of discussions among policy makers told Reuters on Friday that recent market turbulence, a strong euro and slower inflation have prompted officials to wait until as late as the summer to signal an end to the bank’s asset-buying program.

A Bloomberg survey of analysts reported on Friday told the same story, with most expecting ECB policy makers will pare back pledged asset purchases by June, and set an end date for the stimulus by July.

The more cautious approach, in line with ECB president Mario Draghi’s insistence on patience, clashes with some Governing Council board members who are calling for the nixing of an option to extend bond-buying.