Does Draghi have a case for pursuing further QE?

A constant supply of strong economic data has come out of the euro zone this month, just weeks after the European Central Bank President Mario Draghi launched of a much-anticipated bond-buying plan. So strong, in fact, that analysts are expecting that the ECB's quantitative easing program might be over sooner than originally thought.

Draghi's original plan was to maintain the asset purchase program until the end of September 2016, or until there is a "sustained adjustment in path of inflation".

The central banker even expressed his surprise at last month's Governing Council meeting when questioned on the potential of an early exit from QE, but investors are also suggesting he may not be faced with much of a choice.

Since the March launch of the 60 billion-euro-a-month program, loans to the private sector in the euro area, a gauge of economic health, have started growing again, ECB data released this week showed.

Retail sales in the region have seen a revival, as a dip in February was preceded by four successive monthly increases. Meanwhile German unemployment plummeted to a 24-year low and the euro zone ended four months of deflation in April, official data revealed on Thursday.

With unemployment falling and wages starting to pick up in some parts of the currency area, consumer spending will also likely rise during 2015.

Growth remains fragile?