Rock-bottom eurozone interest rates could be slashed again on Thursday amid fears over the continent falling into a damaging spiral of deflation.
The European Central Bank (ECB) is thought likely to take radical action which could even see rates go into negative territory when it announces its latest policy decision.
It comes on the same day as the Bank of England's Monetary Policy Committee (MPC) is expected to again hold the UK rate at 0.5% - despite growing signs of dissent about when this will have to rise.
The week's economic drama is likely to play out in Frankfurt rather than Threadneedle Street with ECB president Mario Draghi expected to set out new stimulus measures.
Mr Draghi has indicated in recent days that the bank needed to be on its guard against a crippling "negative spiral" of falling prices that could drag down the economy.
Difficulties in Europe are also seen as posing a risk to the health of the UK, with much trading focused on the continent.
The ECB meeting takes place against the background of a slow recovery in the 18 countries that share the euro currency.
Economists think the bank is likely to cut its benchmark interest rate from 0.25% to stimulate lenders that deposit with it to provide finance to businesses and consumers.
The ECB could even impose a negative rate, effectively a charge for holding the money - pushing them to loan money out instead of hoarding it.
Other measures might include making more cheap credit available to banks.
Policy makers could also consider large-scale bond purchases similar to the quantitative easing schemes employed by the UK and the US - a policy that the ECB has so far resisted and could prove politically-fraught in the 18-member zone.
Alternatively it might choose to buy securities based on loans to small firms as a tool to stimulate businesses' access to finance.
Inflation in the eurozone stands at 0.7%, below its target of 2%.
Low inflation makes it difficult for individuals and governments who have borrowed money to reduce debts. Deflation, a spiral of falling prices, can stifle growth as consumers put off spending.
Howard Archer, chief UK and European economist at IHS Global Insight, said the ECB looks poised to produce a package of stimulus measures after a series of comments building up the prospect.
"Economic conditions in the eurozone certainly justify strong action, and If the ECB fails to deliver having built up expectations, it risks upsetting the markets and also denting its credibility," he said.
In the UK, Bank of England policy makers face a different challenge of deciding when they must raise interest rates, which have been at 0.5% for five years to try to nurse the economy back to health.
Accelerating recovery has brought speculation about the timing of a hike into focus.
Some analysts have brought forward expectations that this will happen in spring next year, in the wake of sharp growth and the steep fall in unemployment.
Minutes of the last MPC meeting suggested some members were moving closer towards voting for a rise.
Martin Weale, one member of this camp, told the Financial Times that rates must start to rise sooner if the Bank wants to stick to its plan to hike them only at a gradual pace of "baby steps".
But he also indicated he would not be voting for an increase immediately, telling the FT: "We can wait a bit longer... The best judgment I can have is that it's not so urgent it needs doing now."
Jonathan Loynes, chief European economist at Capital Economics, said: "While the MPC will leave policy on hold again... it is clear that some members are getting closer to voting for higher interest rates."
But he added that provided inflation remains low and that the Bank uses separate tools to take any action needed to cool the housing market, rates "could remain at their current levels until well into next year".
