Weaker-than-expected inflation dynamics in the euro zone means it’s time the European Central bank checks its monetary policy. ECB President Mario Draghi confirmed on January 21 the bank will “review and possibly reconsider” its policy stance when it next meets in March.

“In the meantime, work will be carried out to ensure that all the technical conditions are in place to make the full range of policy options available for implementation if needed,” Draghi told a news conference after the ECB...