Given the ECB’s aim to keep inflation “close to, but below, 2%” over the medium term, and with Draghi and his colleagues having repeatedly pledged to guard against a prolonged period of excessively low inflation, the steeper-than-expected decline in euro area CPI to a 4½-year low of 0.5%Y/Y in March and the weak April flash CPI estimate arguably demand a policy response. But when it meets tomorrow, the Governing Council looks to have enough excuses to continue to sit tight.