But euro zone inflation picked up slightly in April, according to data released last week, coming in at 0.7 percent – not as much as hoped for and still a way off the ECB's 2 percent target. Nonetheless, economists think it could be strong enough for the central bank to resist a material change in policy stance.
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April's uptick in inflation comes alongside a string of other data releases which continue to indicate a slow but steady strengthening of the 18-country currency bloc's economy.
Markit's purchasing managers' index showed Tuesday that business activity in the euro zone hit a three-year high in April. While the Organisation for Economic Co-operation and Development (OECD) said it expects the euro zone to notch up growth of 1.2 percent this year, and 1.7 percent in 2015.
"(Recent) economic data was rather more of the same, than providing new guidance," said Carsten Brzeski, senior economist at ING, in a note. "We think that the ECB will once again try to buy some time with words, not with deeds."
But Draghi will have to watch his words in case they add strength to the euro – a factor that is already plaguing the euro zone's nascent recovery.
Read MoreECB to get drastic? QE could be on the table
A stronger euro makes euro zone exports more expensive in the global market, thereby hindering the euro zone's efforts to grow and regain its competitiveness. But the euro has risen over 6.5 percent against the dollar over the past 12 months – and shows no sign of slowing.
As such, Howard Archer, chief European economist at Global Insight, said he expects a dovish tone from Draghi on Thursday.
"If euro zone consumer price inflation does not dip anew from 0.7 percent in April, the euro does not move above $1.40 on a sustained basis and the euro zone manages to keep on recovering gradually, the ECB may well get away without having to take any further action," he said in a note.
Not all economists are convinced that there will be no action from the ECB, with some arguing that something needs to be done about the lack of money flowing around the euro zone.