Here's more for the argument that the ECB needs to seriously step on it.
Retail sales in Europe tanked in December.
In December 2013 compared with November 2013, the seasonally adjusted volume of retail trade1 fell by 1.6% in the euro area (EA17) and by 0.8% in the EU282 , according to estimates from Eurostat, the statistical office of the European Union. In November retail trade increased by 0.9% and 0.8% respectively. In December 2013 compared with December 20124 the retail sales index decreased by 1.0% in the euro area and rose by 0.1% in the EU28. The average volume of retail trade for the year 2013, compared with 2012, fell by 0.9% in the euro area and by 0.2% in the EU28.
The Eurozone has several signs of a flagging economy and a risk of deflation. This is just the latest.
Eurostat