Stable prices: check. No growth: check. Record unemployment: check.
Further European Central Bank action to jump start the eurozone economy: Let me get back to you.
ECB President Mario Draghi says he's doing what he can. Interest rates have been held at a record low since last July, and the bank has no plans to withdraw the extraordinary measures it put in place to head off a break up of the eurozone.
But a year after throwing unlimited cash at banks and six months since revealing its untested plan to buy government bonds -- known as Outright Monetary Transactions, or OMT -- the central bank is running out of reasons not to return to the fray.
Only a minority of economists polled by Reuters expect the ECB to lower interest rates when it meets Thursday, in part because a cut may not help much. But some analysts believe Italy's chaotic election and the darkening economic outlook could force the bank to reconsider.
"An ECB rate cut next week now looks likely, and Draghi will stress that the OMT bond-buying program is there to assist if needed," noted Tristan Cooper, sovereign debt analyst at Fidelity Worldwide Investment.
Last month, the European Commission projected a second consecutive year of decline for the eurozone economy and rising unemployment, which hit a record high of 11.9% in January.
Many economists believe the commission's forecast of a contraction in gross domestic product of 0.3% this year to be overly optimistic. The skeptics cite government cuts, depressed consumer spending and a relatively strong euro, which is making life harder for Europe's exporters.
New forecasts from the ECB due this week could paint an even gloomier picture, and with inflation falling to 1.8% in February -- in line with the ECB's target of below but close to 2% -- the bank has room to relax policy further without testing the limits of its mandate to control prices.
An eight-month rally on European stocks has come to an end; the European blue-chip Euro Stoxx 50 index has lost 1.2% so far this year. And government bond yields in Italy, and to a lesser extent Spain, have moved up from early January lows.