What's going to be the ECB next move?

The European Central Bank (ECB) signals an increasing readiness to pursue a big programme of quantitative easing (QE)—creating money to buy financial assets—in order to lift worryingly low inflation. Such an undertaking would require the purchase of sovereign bonds, an unpalatable policy in Germany, the country that in effect underwrites the single currency. Will the ECB nonetheless move from semaphore to action when its governing council meets on January 22nd?