December's additional stimulus from the ECB fell short of market expectations, and it is not clear whether President Draghi wanted stronger action but was not able to muster sufficient support.

The meeting minutes (Thu) should reaffirm that the door is open for further easing. Meanwhile, Eurozone activity trends will be informed by area-wide industrial production data (Wed), and the release of German GDP growth figures for the full year of 2015 (Thu).

"We expect it to report calendar year growth of 1.7%, consistent with quarterly growth of around 0.4% in Q4. Strength of domestic demand would provide reassurance about the durability of the Eurozone's recovery", says Lloyds Bank.