Here are 3 things Europe-wary investors will be watching for as ECB meets

European Central Bank policy makers are unlikely to announce any new measures Wednesday after moving back into stimulus mode just last month. But that doesn’t mean ECB President Mario Draghi won’t have plenty to talk about.

Here are three topics that Draghi is likely to address in his news conference:

Economic risks

Since the March meeting, eurozone economic data has shown signs of stabilizing, though economists say it’s still too early to sound the all-clear. For his part, Draghi is likely to maintain that risks to the region’s economic outlook remain skewed to the downside despite the ECB’s renewed efforts.

Negative rates

Draghi’s remarks at a forum last month, in which he signaled that policy makers re becoming more attuned to the adverse side effects of negative interest rates on banks, is virtually certain to inspire questions on Thursday.

TLTRO details

The ECB’s announcement of a third round of TLTROs in March left a number of unanswered questions, which speak to the scope of the effort.

Minutes of the March meeting didn’t offer the clarity investors had hoped for, with the summary of the policy discussion noting only that banks will be allowed to borrow “at a rate indexed to the interest rate on the main refinancing operations,” while not detailing incentives designed to maintain “favorable” credit conditions.