The European Central Bank will release its latest monetary policy decision tomorrow, and it's likely to take some action to keep the financial system afloat for at least the next few month or so.

A flurry of headlines recently suggest that EU leaders are working on some kind of grand plan to bring Spanish and Italian borrowing costs under control, but the time frame for such a project remains unclear.

Even so, our friend and Chief Europe Strategist at Trend Macrolytics tells us, there's reason to believe that the ECB is not far from embarking on a sequence of measures that will ultimately renew faith in struggling sovereigns like Italy and Spain.