Many economists doubt the European Central Bank will increase the size of its €1.46tn asset-purchase programme in 2016 despite assurances by ECB chief Mario Draghi that additional monetary stimulus is still on the table.

The predictions of no further action in an annual Financial Times poll of eurozone analysts came despite Mr Draghi’s attempts to convince markets that the ECB remained primed to act should inflation and growth across the single currency area continue to disappoint.

In contrast to last year when the vast majority of economists expected the ECB to launch full-scale quantitative easing, just under half of the 33 respondents thought the ECB would do nothing this year. The rest said the ECB would expand QE or cut interest rates, although some of those who expected more easing stressed that the central bank was unlikely to radically reshape its existing policy response.