Will QE be enough to save the euro zone from deflation?

All eyes will be on Mario Draghi on Thursday, when the president of the European Central Bank (ECB) is widely expected to announce an asset-buying program directed at euro zone government bonds.

One of its main purposes of using quantitative easing (QE) in the euro zone would be to boost inflation, which came in at an annual -0.2 percent in December—far below the "just under 2 percent" level targeted by the ECB.

However, the jury is out on whether QE will work in the euro zone, where disinflation is now the status quo—inflation fell below 2 percent at the start of 2013 and has been trending downwards ever since.

With this in mind, do you think an ECB QE program will succeed in boosting prices? And will it be enough—or will Draghi need to consider yet more stimulatory measures?

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Full-blown QE would see the ECB acquire securities—specifically, government debt—from banks, in exchange for cash.

The hope is that this would swell banks' reserves and encourage them to make new loans to business and consumers, hence stimulating macroeconomic demand. Banks may also use the cash to buy new assets, which could raise stock prices, and in turn, boost sentiment.

QE has already been implemented by other major central banks, such as the U.S. Federal Reserve, the Bank of Japan and the Bank of England, in order to stimulate their economies.

Over 90 percent of 60 economists polled by Bloomberg between January 9 and January 16 expect QE to be announced this week by the ECB. The median estimate for the size of the program was 550 billion euros ($637 billion).

Read MoreWhy 'QE-lite' from the ECB could disappoint

The few naysayers include Morgan Stanley, which does not see QE being introduced until March.

"Our base case is that we have the ECB announcing a fairly constrained program, whereby they have to take into account a lot of the legal and constitutional, as well as political issues, which then leaves the QE program being quite limited in size and scope," Ian Stannard, head of European FX strategy at the bank, told CNBC on Monday.

John Key, the prime minister of New Zealand, said the success of such a bond-buying program would be limited.

"Given the success in the U.S.—notwithstanding the fact that the Fed has still got a very large balance sheet—probably they (the ECB) have got no option but to do that (QE)," Key told CNBC on Monday.

"But realistically—and I think we have seen this in Japan—there is really only so far that monetary easing can take you. You actually have to undertake structural reforms."