Growth has downshifted as producers contend with slowing markets abroad, the negative effect on exports from a stronger dollar and plunging oil prices that have caused drilling firms to retrench. Consumers, enjoying the fruits of a robust labour market and cheaper fuel bills, will have to pick up the slack if growth is expected to get back on track.
Draghi is poised to deliver another shot of quantitative easing into the veins of the eurozone economy at the ECB's next major meeting in March, amid fears the central bank is losing credibility and could even be forced to lower its inflation target.
09:30 – GBP – Manufacturing PMI is forecast to decline to 51.8 from 51.9
15:00 – USD – ISM Manufacturing is forecast to increase to 48.6
16:00 – ECB president Draghi speaks