European Central Bank President Mario Draghi may be gearing up to inject another round of stimulus into Europe’s beleaguered economy according to economists. 

A fresh round of stimulus would likely spark a turnaround in European stocks and a major buying opportunity according to Jim Paulsen, chief investment strategist, at Wells Capital Management. “They’re doing the same thing we are doing with a two year lag so if you want to buy the United States' market from a couple of years ago your best shot today is in the Eurozone where there is panic and fear that is driving prices to very attractive levels.”

Paulsen is advising clients to buy European stocks (^Stoxx50E) which are trailing the 5% annual gain in the S&P 500 Index (^GSPC) on the view that action from the ECB will help revive the Eurozone economy.

One wild card: Germany. Europe’s largest economy has long favored fiscal austerity over fiscal stimulus, but Paulsen believes this time around is different. “Germany is maybe at the epicenter of this slowdown, whereas back in 2012 they were not as bad as the rest. Now they're maybe worse than some of the rest.” The iShares MSCI Germany (EWG), which tracks Germany's biggest blue chip stocks, has fallen 14% this year.

This month the country slashed its GDP forecast for 2014 to just 1.2% which may force Chancellor Angela Merkel to be more of a team player says Paulsen. “I think they’ll support behind the scenes stimulus that gets their economy as well as the Eurozone moving again.”

In 2012 when the ECB mirrored stimulus efforts by then Fed Chairman Ben Bernanke, European stocks outperformed the U.S. equity market.  A similar move this year may give the Eurozone the boost it badly needs.