The European Central Bank's monetary policy meeting will be carefully watched on Thursday amid fears over persistently low levels of inflation in the euro zone. Preliminary data earlier this week showed that the annual rate of inflation in the euro zone remained unchanged at 0.5% in June. Johanna Treeck, senior ECB correspondent for MNI, explains what's behind the expectation that the central bank will not take action at its policy meeting, despite the significant pressure on ECB President Mario Draghi to do something. If the bank does not act, Treeck discusses whether the ECB is likely to continue to take further action in the future. TheStreet's Brittany Umar reports from New York.