Eurozone's economic slowdown is continuing, especially in Germany, due to the international environment and difficulties in the manufacturing sector, according to analysts at BNP Paribas.

"The recent stabilization of business surveys, albeit at a low level, provides some hope but needs to be confirmed. Inflation is now expected to decrease while core CPI is hardly moving. The activity slowdown also implies that the pick-up in core inflation could be slower than expected until recently. The very accommodative monetary policy should be maintained as long as inflation hasn't converged sufficiently, in a convincing and lasting way, towards the ECB's objective."