Additional easing from the ECB - including possible sovereign bond purchases - could also push the currency lower, the team said, although it added that euro area economic activity would benefit from increasingly expansionary monetary policy.
Read MoreECB 'very likely' to buy sovereign bonds: Ex-Member
Peter Oppenheimer, chief global equities strategist at Goldman Sachs, told CNBC Europe's "Squawk Box" on Thursday that sovereign quantitative easing (QE) posed an interesting opportunity for European equities.
"The economic prospects in the euro area remain pretty poor and we're only looking at 6 percent profit growth across Europe. But the thing that provides the opportunity is that the risk premium is so high in Europe, partly reflecting fears of deflation. If we get sovereign QE and that reduces that tail risk a little bit, that's where you get the upside (for stocks)," he said.
Read MoreThe great distortion? Draghi's options on QE
Speaking about the U.S. economy, Garzarelli and Oppenheimer said they believed the dollar had further to appreciate, despite the currency trading at a five-year high against a basket of currencies. They added that the U.S. Federal Reserve would raise interest rates in September 2015 and said that if the ECB started to buy government bonds, the Fed would feel more comfortable doing so.
"Having the euro zone in the doldrums is ultimately also bad for the United States so…if the ECB is bolder and gets things going then I think the Fed will have less of an issue in steering rates up," Garzarelli added.