All 71 analysts polled by Reuters had expected the ECB to keep rates flat this month. Roughly half, 36, see them unchanged throughout 2008, with just eight forecasting a rise.
But since recent data from the euro zone (which now includes Malta) bolstered concerns the economy could be losing momentum, 27 economists in the poll said the ECB could opt for a rate cut later in the year.
Other central banks have already begun monetary easing, concerned the financial market turbulence and the slowing U.S. economy could jeopardise growth more than previously estimated.
The U.S. Federal Reserve, the Bank of Canada and the Bank of England have all cut rates to support their economies. Although the BoE left rates unchanged earlier today at 5.5 percent, further easing is expected.
But economists say the ECB can ill afford to move with interest rate cuts quickly with inflation seen at a 6-1/2 year high of 3.1 percent in December, well above the ECB's 2 percent ceiling.