The next main event on the European calendar is German CPI on April 29.

Hansson is the governor of Estonia’s central bank and he’s rarely in the headlines but spoke with the Wall Street Journal.

“We see that, if inflation should stay low and significantly under expectations for a longer period of time, it, of course, makes me worried,” Mr. Hansson said.

“At the last meeting, we said that if [the] inflation outlook should change compared to our forecast” over the medium term, “we are considering enforcing measures,” he said in a telephone interview.

Key ECB members have said that action is unlikely until the June meeting.