In this paper we apply one of the new techniques to extract information on market expectations from option prices to investigate the effects of ECB-council meetings on uncertainty in market expectations. We construct risk-neutral probability density functions from LIFFE-Euribor futures options for ten episodes containing ECB-council meetings in 2000 and 2001. We then compute statistics derived from the risk-neutral density functions that capture the uncertainty of market participant's expectations and investigate changes in these statistics related to ECB-council meetings.