Some ECB watchers think it will encourage the ECB to do more as well.

BBC: A happy ending for the euro?

Nevertheless, ECB watchers should have been well prepared for the rate rise.

FORBES: Barroso Puts Political Stamp On Strong Euro

ECB-watchers such as himself whether the governing council is using this framework in a consistent way.

ECONOMIST: The terrible twos begin | The

ECB-watchers and markets understand this, even though it has not been spelt out in so many words by Jean-Claude Trichet, the ECB's president.

ECONOMIST: Appraising the European Central Bank

ECB-watchers have been confused too.

ECONOMIST: Monetary policy

The European Central Bank is meeting on Thursday and market watchers said ECB President Mario Draghi has set high expectations after his comments last week to defend the euro.

FORBES: FOCUS: Fed Not Likely To Announce Stimulus At FOMC Meeting; Gold Might Be Pressured

While market watchers had expected to see rates soar at this auction, the surprise participation by the ECB wound up actually pushing rates lower.

FORBES: Markets Advance Following ECB Bond Purchases