The European Central Bank Governing Council member Jens Weidmann said on Tuesday that concerns over the deflation in the Eurozone dissipated.

"Worries about deflation, which were then exaggerated, have further dissipated," he said.

Weidmann pointed out that an accommodative monetary policy is needed in the Eurozone.

"Therefore a normalization of monetary policy in the Eurozone is currently not on the agenda," he noted.