The European Central Bank's (ECB) its minutes of March meeting on Thursday. According to the minutes, the ECB said in its minutes that quantitative easing was working but the implementation of key reforms is needed for full benefits.

"A strong signal needed to be sent to euro area governments to press ahead with structural reforms and to take measures to improve the business environment," the central bank noted.

The Governing Council reiterated to keep its monetary policy "until the end of September 2016 and, in any case, until a sustained adjustment was visible in the path of inflation consistent with the Governing Council's aim of achieving inflation rates below, but close to, 2% over the medium term".

The central bank ruled out that there would be difficulty meeting purchase targets.

The ECB decided on January 22 to launch an expanded asset purchase programme of 60 billion euro a month starting from March 2015 until September 2016.