Mario Draghi, President of the European central Bank (ECB) attends a news conference on the outcome of the Governing Council meeting at the ECB headquarters in Frankfurt, Germany, March 7, 2019.

The European Central Bank (ECB) announced its easy-money exit strategy one year ago. But twelve months on, the world couldn't look more different.

The trade dispute between the U.S. and China risks derailing economic activity, the Federal Reserve will most likely cut rates this year instead of hiking them further, and inflation hasn't picked up at all.

So what's next for the euro zone's central?

Its Governing Council meeting this week in Vilnius, Lithuania, might not be a game-changer that goes down in history books, but it will shed more light on the details of its new lending scheme for banks — which was brought in after it had to make a U-turn on policy earlier this year.

One focus will be what the new cheap loan program for banks, the TLTROs (targeted longer-term refinancing operations), will look like. In April, President Mario Draghi said that the ECB will look at how monetary policy is working and how the economic outlook has shaped up when setting the terms for the loans. Essentially, these loans should make the euro zone's banks lend more to the real economy. They have a negative deposit rate so they would pay lenders for taking the cash, meaning it's a strong incentive for the banks to use them.

"The conceivable range for the spread (for the negative rate) is between 0 (basis points) and -40 (basis points)," said Dirk Schumacher, an ECB watcher with Natixis, in a research note.

"A small spread would imply that the new TLTROs are predominantly meant to provide a backstop for banks that may have difficulties to refinance themselves in the market. A high spread would signal that the ECB sees a need to stimulate bank lending."

Another potential instrument the ECB could detail is a "tiered deposit rate." This is a tool to mitigate part of the negative effects on a bank's profitability when interest rates are below zero — which they currently are.