The account of the monetary policy meeting from the European Central Bank is due on Wednesday, headlining a light day for the European economic news.

At 2.00 am ET, Destatis is scheduled to issue Germany's produce prices for July. Economists forecast prices to drop 1.8 percent on year, the same rate of decline as seen in June.

At 3.30 am ET, Statistics Sweden releases unemployment data for July. The jobless rate is forecast to remain unchanged at 9.8 percent.

At 4.00 am ET, Norges Bank is set to announce its interest rate decision. The bank is set to hold its key rate at zero percent.

In the meantime, industrial production and producer prices are due from Poland. Economists forecast industrial output to fall 1.2 percent on year in July, following a 0.5 percent rise in June. Producer prices are forecast to drop 0.5 percent annually in July.

At 5.00 am ET, Eurostat releases euro area construction output for June.

At 6.00 am ET, the Confederation of British Industry is slated to release Industrial Trends survey data.

At 7.00 am ET, Turkey's central bank is set to announce its interest rate decision. Economists expect the bank to hold the key rate at 8.25 percent.

At 7.30 am ET, the ECB publishes the minutes of the governing council meeting held on July 15 and 16.

European Economics Preview: ECB Minutes Due