As a result, the central bank, headed by Mario Draghi, is expected to keep its benchmark interest rate at the record low of 0.75 percent.
At his ensuing press conference, Draghi is likely to face questions about the recent strength of the euro. The appreciating currency stands to make life even more difficult for Europe's exporters.
Draghi has been widely praised for helping to ease market concerns over Europe's debt problems.
The Bank of England is also expected to keep rates on hold.