European stocks are flat in early trading on Tuesday ahead of the highly anticipated speech of ECB president Mario Draghi at 14:00 GMT and FED chair Janet Yellen's semi-annual testimony to the Senate Banking Committee later in the day. Markets will closely watch the testimony for clues as to when the world's largest economy may raise interest rates.

Today Eurozone's inflation data will be in the focus and is due being published at 10:00 GMT.

Greece submitted a comprehensive list of reforms as asked by the E.U. as condition of an extension of the bailout for four months. According to officials the list was "sufficiently comprehensive to be a valid starting point for a successful conclusion of the review.".

Germany's Federal Statistics Office released data on German Gross Domestic Product toady. The seasonally-adjusted data showed that the GDP rose +0.7% between October and December in line with expectations as domestic demand and foreign trade were the main drivers of growth in Europe's largest economy. Private consumption rose +0.8%, capital investment added +1.2% and exports increased by +1.3%.A lower oil price and a weaker euro had positive effects on the economy. In the preceding quarter the GDP rose by +0.7%.

The FTSE 100 index is currently trading -0.1% quoted at 6,905.58 points, close to its all-time high at 6950.99. Germany's DAX 30 is trading flat at 11,127.48. France's CAC 40 lost -0.1%, currently trading at 4,855.83 points.