Stock markets rally as ECB chief suggests further eurozone stimulus
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Many analysts believe the ECB must take more drastic action than it has to date, including what is known as quantitative easing. That's the direct and large-scale buying of government bonds on the market.
Simon Tilford, deputy director at the Centre for European Reform in London, believes time is of the essence.
"The situation in the eurozone is very, very grave. Exceptionally grave," he said. "This is an economy that is still in some ways smaller than it was at the beginning of 2008. It's an economy with disinflationary pressures or even outright deflation across much of the currency. They waited long enough. At this point they need to be doing absolutely everything to stimulate activity and boost inflation. So that's not just monetary policy, that's not just quantitative easing, but they need to cut back on fiscal austerity - even provide some fiscal stimulus."