"Surveys suggest that the recovery continued in the final quarter, inevitably led by Germany, but with much of the periphery also seeing very modest growth — a situation that hardly lends itself to panic measures," Scicluna added.
However, loan data released last Friday could add to calls for action by the ECB. The figures showed lending to businesses in the euro zone declined by 2.4 percent in November, the fastest pace ever. This followed a decline of 2.2 percent in October.
"Worryingly, there is still no sign of any trend change in bank lending to euro zone businesses, which heaps pressure on the ECB to act," said Howard Archer, chief European economist at HIS Global Insight, in a research note.
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Although Archer did not expect the ECB to announce any further stimulus measures on Thursday, he said he expected the central bank to take action in "The early months of 2014".
Potential action by the ECB could include further "long-term refinancing operations" (LTROs), where it lends money at very low interest rates to euro zone banks, in an effort to boost lending to businesses and consumers. However, Archer and other economists said further operations would most likely be tailored specifically towards boosting bank lending. Draghi has also indicated that government bonds would not be bought by the central bank in the case of a new LTRO.
Another issue that could spur the ECB to act — although perhaps not next week — is the risk of deflation.
Data published on Tuesday revealed that inflation in the euro zone came in lower than expected in December, adding to concerns that the region could be heading towards a period of deflation. Consumer prices rose by 0.8 percent year-on-year in December, below the 0.9 percent expected by economists and close to October's 47-month low of 0.7 percent which spurred the ECB to cut its main interest rate.
Archer said the inflation figures meant the bank was "more likely than not" to take further action eventually.
"The renewed dip in euro zone consumer price inflation to just 0.8 percent in December is particularly unwelcome news for the ECB as it takes inflation almost back down to the level where the bank felt compelled to cut interest rates," Archer said.
"While the ECB remains adamant that deflation across the euro zone is not a serious risk, it will undoubtedly be uncomfortable with this latest dip in consumer price inflation, which is over a percentage point below its target rate."