Investor confidence in the ECB to over-deliver is "immeasurably higher" with president Mario Draghi at the helm than with his predecessor Jean-Claude Trichet, and it seems that positioning has built up accordingly, says Martin Harvey, bonds portfolio manager at Columbia Threadneedle. To beat expectations, a 20 basis point rate cut and a large expansion of the quantitative easing program would be required, he says. Given the high hurdle, Columbia Threadneedle isn't minded to position for such outcomes. "We maintain an overweight position in peripheral bonds, which should be well-supported even in the event of a mild disappointment," he adds.