The ECB is likely to keep a dovish tone but is not expected to take action this week. The central bank President Draghi is expected to argue that the measures undertaken in the past will be successful and will lead to a rebound in the outlook of core inflation. However, the ECB is expected to take a modest action in March. Meanwhile, flash PMI for euro area is likely to verify the strength seen in the final release of December, whereas the ZEW is likely to have adverse effects from market correction.