Mining stocks dropped after 13 people were wounded in fighting at a mine in South Africa. Shares of Anglo American dropped nearly 3 percent.
The euro weakened against the dollar on Monday afternoon after European Central Bank chief Mario Draghi sounded a dovish tone on inflation and warned the recovery in the euro zone remained weak.
With stocks near multi-year highs, European investors may have to wait until later in the week for any major catalyst.
In Italy, the final week of political campaigning gets underway before elections are held on February 24 and 25. The elections are seen as a key risk event.
Analysts fear that the tight political race in the country could result in a hung parliament, an outcome that could easily derail Italy's already-fragile economy.
Joe Rundle, head of trading at ETX Capital, said he expects sovereign yields in both Spain and Italy to push higher as uncertainty once again surrounds the euro zone, which, in turn could lead to the ECB rolling out more bond-buying with its program called Outright Monetary Transactions.