Euro-area services and manufacturing grew less than initially estimated last month, leaving the economy facing near-stagnation as the European Central Bank (ECB) considers its options on further stimulus.

A composite Purchasing Managers Index (PMI) fell to 51.1 from 52.1 in October, London-based Markit Economics said today. The reading is the lowest in 16 months and points to economic growth of just 0.1 percent this quarter, according to Markit.

ECB President Mario Draghi leads the Governing Council in its last policy meeting of 2014 tomorrow, when it'll debate staff proposals on new tools to revive inflation and growth. While some policy makers have signaled they prefer to wait to assess current measures, the continuing deterioration in the outlook is increasing the pressure to act.