MUNICH – While the world worries about Donald Trump, Brexit, and the flow of refugees from Syria and other war-torn countries, the European Central Bank continues to work persistently and below the public radar on its debt-restructuring plan – also known as quantitative easing (QE) – to ease the burden on over-indebted eurozone countries.

European Central Bank President Mario Draghi will have his work cut out on Thursday. Investors are on edge: the ECB’s €1.7 trillion ($1.87 trillion) bond-purchase program is due to expire in March, and policy makers have yet to signal what happens next. Reflecting those tensions, the yields on 10-year German government bonds have turned positive since the ECB’s September meeting—for the first time since June. Mr. Draghi’s news conference will be closely watched for any indications as to the ECB’s next steps.