Feeble economic data could tip the scales for an ECB QE

Paris

MARIO Draghi is about to find out just how urgent his call for action has become.

One week after the European Central Bank president vowed to revive inflation "as fast as possible", policy makers will receive a glimpse on just how feeble cost pressures are now. Economists forecast euro area data on Nov 28 will show price growth matching the weakest since 2009, which would add to the drum roll for a stimulus debate at the ECB's Dec 4 meeting.

Bond yields from Spain and Italy fell to record lows and stocks gained on Monday on speculation the ECB will buy sovereign debt. Mr Draghi has stoked pressure towards purchases as panels of officials study possible new measures and prepare to cut their economic outlook. Colleagues from Germany to the Netherlands and Austria are unconvinced quantitative easing is warranted, and his vice- preside…