Analysts at the US investment banking giant, Goldman Sachs, believe that there is a scope for the European Central Bank (ECB) to restart its Quantitative Easing (QE) program, in the wake of deteriorating Euro area economic situation.

"A return to large-scale QE is complicated by the ECB's self-imposed limits on its asset purchases. But significant headroom remains to expand corporate sector purchases and we estimate that the ECB could buy up to €400 billion in sovereign debt under the current constraints. A limited QE program - for example, with monthly purchases of €30 billion for nine month - seems feasible within existing constraints."