The recent free fall of oil prices and global growth worries have put the ECB to act again in near future. Moreover in last December, Fed also hiked the interest rates and now market raised questions about the ECB's ability to achieve 2% inflation targets.

ECB President Mario Draghi recently announced that, 'the ECB has plenty of options left, suggesting it could act as early as March.' But analysts are still thinking on the available options ECB is having other than increasing or extending its asset purchase programme and further cuts to deposit rate. 

According to the Reuters poll, there is 80% chance that ECB ease further in the next 6 months but majority economists sees another deposit rate cut when the ECB meets in March.