Strategists: ECB has to cut rates, expand QE

While the European Central Bank is expected to announce further interest rate cuts Thursday, some strategists see opportunity in the Continent's equities.

Luciano Siracusano, WisdomTree's chief investment strategist, told "Closing Bell" on Wednesday that he sees the ECB extending the duration of quantitative easing because it's essential.

"It's necessary because they still have a debt problem. They still have an inflation problem. They still have a growth problem," Siracusano said.

"The government, frankly, is not getting it done and neither are the private corporations. You're not seeing enough private sector investment. So, they may continue to do more of what they started," he added.

Luca Paolini, Pictet Asset Management's chief strategist, also told "Closing Bell" on Wednesday that while the ECB is likely to expand QE, his firm sees "catch-up potential" in Europe.

"We like Europe because it's effectively lagging the U.S. by three to four years," Paolini said, "We think that the economy in Europe is actually quite as strong as the U.S.; GDP growth is 2 percent, same as in the U.S."