The European Central Bank (ECB) Governing Council member the head of the Bank of Spain Luis Maria Linde said on Monday the central bank's asset-buying programme is working well and there is no need to extend it.

"The stimulus programme is working very well and, right now, there is no reason to change it. As long as the inflation target of near 2 percent is not reached, the programme will continue," he said.

Linde pointed out that the slowdown in the global economy weighs on the timing of the interest rate hike in the U.K. and the U.S.