REUTERS/Stefan Wermuth This puts even more pressure on Mario Draghi, ECB president.At 9 a.m. GMT (4 a.m. ET), eurozone inflation figures are out for December. But there might not be any inflation to actually record.
The consensus is that inflation will drop to about zero or go into negative territory, maybe -0.1%, today. But if it doesn't come today, it's likely to come in January's figures.
Inflation in Germany, Europe's healthiest large economy, is at just 0.1%. Spain has already recorded months of deflation, and its consumer prices fell 1.1% in December from the same time last year.
With oil prices still tumbling today, it's clear that falling inflation still has further to go.
Whatever today's figures come out as, falling inflation is going to put even more pressure on the European Central Bank. The ECB is now expected to go for a quantitative easing programme this month, promising to make big financial asset purchases. But the size of the programme, as well as any dissent against it from inside the ECB, still remains to be seen.