The European Central Bank (ECB) Executive Board Member Yves Mersch said on Monday that the central bank should continue its quantitative easing until inflation is on track to the central bank's 2% target.

"We need to maintain the pace and volume of our interventions, as we have communicated, so that inflation rises back towards 2% as quickly as possible and that monetary policy can begin once more to normalize," he said.

Mersch pointed out that unconventional monetary policy should be temporary.