One reason behind the comments could be lingering deflationary concerns in the euro zone, first ignited when October's data showed inflation had fallen to a 47-month low of 0.7 percent. In response, the ECB cut interest rates at its November meeting, and inflation data for February was revised down from 0.8 percent to this rate-cut level.
Indeed, these concerns about low prices – which could hinder the region's growth prospects – have spurred a number of ECB council members to speak out about new policy measures over recent days.
Finland Central Bank Governor Erkki Liikanen stressed that the introduction of negative deposit rates – under which euro zone banks would be charged for depositing cash at the ECB – were "not a controversial issue," in an interview with the Wall Street Journal.
He said that asset purchases did not pose a legal problem for the ECB, adding: "The central bank is always able to buy from the secondary markets."
Meanwhile, both Jozef Makuch, governor of the Slovakian National Bank, and Bank of Italy Governor Ignazio Visco warned of deflationary risks and said the ECB would take decisive action if necessary.
'Talk is cheap'
The comments sent the euro sliding around 0.5 percent against the dollar to 1.377 on Tuesday, before recovering to 1.382.
"The concerted talk by policymakers likely indicates an effort of verbal intervention to weaken the euro, reflecting fears that the euro could stoke deflationary pressures," Anatoli Annenkov, senior European economist at Societe Generale, said in a note.
"While talk is cheap, the ECB will ultimately need to back its words with credible measures, with the standard toolbox running on empty."
(Read more: ECB ups 2014 growth forecast, inflation to pick up slowly)
Deutsche Bank strategist Jim Reid said agreed, adding: "At least yesterday saw ground for hope for those looking for a better deflation firebreaker from the ECB."
All eyes will now be on the central bank's policy decision and President Mario Draghi's press conference on Thursday, April 3, when he is sure to be quizzed about the possibility of more drastic stimulus options.
Until now, few economists have argued that the ECB was likely to resort to QE, with IHS Global Insight's Chief European Economist Howard Archer arguing, for instance, that it would prove "too controversial a policy" within the ECB's Governing Council to get adopted.
But BNP Paribas economists, led by Ken Wattret, have argued that "ECB QE is coming" for some time now. In a report published earlier this year, they said they expected the ECB to announce an asset-purchase program from this summer onwards to "meet its primary objective of maintaining price stability."
The economists forecast the ECB will announce an initial program in the range of 300-500 billion euros ($415-690 billion) – although they stressed that predicting the size of the program is "more of an art than a science."
Loynes, however, disagreed that an ECB bond-buying program was inevitable, but argued that it would likely have the biggest impact.
"We've been pushing the idea that they should - and may well - do it (QE)," he said. "We have penciled in an interest rate cut but would actually prefer QE because it's the only powerful tool left in the ECB's locker."
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