Mario Draghi has seven weeks to build consensus among policy makers on a stimulus package following a fractious end to 2014.

After refraining from quantitative easing (QE) for the euro area in yesterday's Governing Council meeting, the European Central Bank (ECB) president has pledged to "reassess" the situation early next year. The council expects to consider a proposal for broad-based asset purchases including sovereign debt at the next monetary-policy meeting on Jan. 22, said two euro-area central-bank officials familiar with the deliberations.

With inflation already at a five-year low and the rate now being further undermined by a slump in oil prices, pressure will remain on policy makers to consider expanding stimulus. Draghi said that while he believes broad agreement on any action can be reached, he doesn't need unanimous support.