Today’s current inflation data dump from across the European nations appears to confirm forward inflation expectations trend (plumbing new record lows). With a considerably bigger than expected decline in prices , pushing Germany, Spain, and France back into deflation, pressure is mounting on Mr.Draghi. As one EU economist exclaimed, “the data send a clear message to the ECB and the only question that remains now is how bold action would be.”

Germany tumbles back into deflation…

And, as Bloomberg reports, Euro-area inflation looks to be cooling more than expected, with prices in three of the region’s four largest economies missing estimates and strengthening the case for an expansion of the European Central Bank’s monetary stimulus in March.

Consumer prices slid in Germany, France and Spain in the year to February, figures showed on Friday.

In Germany, the European Union-harmonized rate of inflation slowed to minus 0.2 percent compared with a prediction for no change in a Bloomberg survey. The rate dropped an annual 0.1 percent in France, compared with a forecast of a 0.1 percent rise. Spanish prices slid 0.9 percent, compared with an estimated decline of 0.6 percent.

“The decline in inflation across the region may come even steeper than expected,” said Johannes Gareis, an economist at Natixis SA in Frankfurt. “The data send a clear message to the ECB and the only question that remains now is how bold action would be.”

In other words, Save us Mario from spending less on the things we need…