ECB President Mario Draghi has been busy cutting interest rates and giving out cheap loans to euro zone banks. In early September he unveiled a slew of stimulus measures which effectively added 1 trillion euros ($1.29 trillion) to the euro zone's flagging economy, according to some analysts. Draghi is still pondering whether to launch a Federal Reserve-style government bond purchase program and some analysts - including those at Barclays - believe this is now the base case scenario.
Draghi is back in front of the media's glare this Thursday when the Governing Council meets for its latest policy decision and press conference.
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A Fed-style package could prove to be a controversial move. This is primarily because there are no common euro zone bonds and, technically, the ECB can't invest in an individual country at the expense of another. Germany, as the largest euro zone country, would likely be the recipient of the largest amount of ECB cash which could dangerously stoke inflation and would be at the expense of some of the smaller, struggling nations. Germany has expressed concerns about the purchasing of government bonds from countries with comparably poor financial discipline.
Meanwhile separate figures released on Tuesday confirmed euro zone unemployment in August at 11.5 percent.
Howard Archer, chief European economist at IHS Global Insight, said the two data points provided mixed news about the strength of the euro zone economy.
"The further dip in euro zone consumer price inflation in September will clearly be of serious concern to the ECB as it keeps the deflation specter in sight, especially given current stuttering euro zone economic activity and weak oil prices," he said in a note on Tuesday.
However, Archer said the 137,000 drop in unemployment in August indicated that the slight improvement in the region's labor markets was continuing.
"Nevertheless, there is the very real worry that recent stuttering euro zone economic activity and a general relapse in business confidence amid heightened geopolitical tensions will increasingly weigh down on companies' employment plans and cause the limited improvement in euro zone labor markets to grind to a halt," he added.
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