ECB kept its monetary policy unchanged in its December meeting and disappointed the market. After the policy decision in December the probability was only20% for further easing in 2016.

But the scenario has changed after the January 2016 meeting. European Central Bank President Mario Draghi signalled the bank could further ease its monetary policy as early as March amid growing concerns over uncertain global economic growth which has caused huge volatility in financial markets. Draghi also said the measures the bank announced in December were "significant", but circumstances had changed since then.

According to the Reuters survey of economists, ECB will cut its deposit rate further into negative territory in March and there is an even chance it will increase its monthly bond purchases at the same time.