European Central Bank (ECB) president Mario Draghi, sounded more confident in bank's January meeting that in December, when he disappointed market expectations and was seen fumbling literally during the course of press conference.

Since, December meeting, oil price has dropped substantially and Euro Zone growth and inflation data has been weak. Usual hawk, Bundesbank chief Jens Weidmann, even said, ECB will have to revise its inflation forecast significantly. Moreover, due to rotation, Mr. Weidmann would not be voting policy in March meeting, though he would be there to influence without vote.

Today, lies a crucial event, where Mr. Mario, could entrench expectations for further easing, especially after Bank of Japan (BOJ) introduced new measures last week.

Today at 16:00 GMT or 17:00 CET, ECB president will be giving introductory statement at Plenary Debate on ECB annual report 2014.

The event isn't directly on monetary policy, but comments and discussions on such in not very unlikely.

Euro is currently trading at 1.085 against Dollar.