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British interest rates are expected to stay at 5.75%, while a hawkish eurozone increase to 4.25% from 4% should not be ruled out.
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Will it lead to a higher level of inflation in the eurozone, an increase in economic activity and a decrease in the unemployment rate?
However, this also implies that concerns about the impact of a less expansionary monetary policy on the periphery must not prevent monetary policy makers taking the necessary action once upside risks for eurozone inflation increase.
He believes the risk of Greece leaving the eurozone is "increasing by the day".
"This standoff between Greece and the eurozone is increasing the risks every day to the British economy.
Germany also greatly benefitted from the creation of the eurozone, which increased exports of German goods to other European countries.
Fears of a Greek exit from the eurozone have increased as signs grow that the country is on the brink of bankruptcy.
Amid fears for the solvency of several European banks, Draghi said the risks of a full-blown recession in the eurozone had increased.
"What is becoming clearer, as eurozone integration increases, is that we are now at a point where we are stretching the EU institutional architecture to its limits," he said.
Time for a ceasefire A second case for G7 action is Greece, where the risk of a default and possible exit from the eurozone has increased over the past week.
Tensions between several of the core participants had been raised by the possible exit of Greece from the stricken eurozone and, increasing the volume of disharmony to Jedward levels, BBC news and current affairs programmes have run several reports questioning the suitability of the host nation because of Azerbaijan's record of human rights abuses and media censorship.
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