ECB to hold fire, let current stimulus programs work

The European Central Bank is expected to stress its commitment to raise inflation and help the economy Thursday, but is unlikely to provide any new stimulus measures.

The chief monetary authority for the 19-country eurozone is battling to raise inflation, which at minus 0.1 percent is considered too low.

It is expected to keep its 1.74 trillion euro ($1.94 trillion) stimulus package unchanged at Thursday's meeting and could raise its forecasts for inflation thanks to the recent rise in oil prices.

Afterwards, ECB President Mario Draghi is likely to underline that the bank is ready to add more stimulus if needed to raise inflation toward its goal of just under 2 percent.

The ECB currently projects inflation of 1.3 percent for next year and 1.6 percent for 2018.