Economists are split over what form ECB stimulus will take, however. Many are expecting a rate cut to both the refinancing rate and the deposit rate - which would take the latter into negative territory - and some additional liquidity measures.
Jennifer McKeown, senior European economist at Capital Economics, however, argued that some form of a bond-buying, or quantitative easing (QE), programwould ultimately be needed.
"While the ECB looks set to cut interest rates and announce some lending incentives after its meeting this Thursday, we think that it will ultimately need to implement a large scale quantitative easing program to counter the growing risk of deflation," she wrote in a note.
Meanwhile, separate figures published by Eurostat Tuesday revealed that unemployment in the euro zone met expectations in April. Joblessness fell to 11.7 percent in April from 11.8 percent in March, although McKeown said this rate remained "worryingly high".
Austria and Germany had the lowest unemployment rates, at 4.9 percent and 5.2 percent respectively, while Greece and Spain's remained the highest, at 26.5 percent and 25.1 percent.
Jobless among those under the age of 25 remained high, at 23.5 percent in the euro zone in April. Greece and Spain also had the highest youth unemployment rates, at 56.9 percent and 53.5 percent respectively.