The fall in oil prices may help short-term, but deflationary pressures are expected to spill out of the borders of countries in the eurozone, the IMF said.

Beginning in March, the European Central Bank said it would purchase bonds valued at more than $65 billion per month through September 2016 as part of a so-called quantitative easing program meant to stimulate the struggling European economy.

Eurostat, the statistics office for the European Union, reported inflation for January was at minus 0.6 percent, a further contraction from the minus 0.2 percent reported in December. Deflation is driven in large part by the slump in oil prices, off about half of their June value.

A blog by economists at the International Monetary Fund found low oil prices will boost economic growth short-term, as consumers save on energy costs, but mid-term risks are present in terms of national monetary policy planning.

"Falling world food and energy prices and related cuts in administered prices account for the largest share of the inflation decline in non-euro area EU countries in Central and Eastern Europe," they warned Monday.

Market planners in the region, the IMF said, need to keep a close eye on price trends. Exporters will lose and importers will win in the low oil price era, though the economists said the greatest threat in the current market is low inflation, not necessarily financial instability.