The European Central Bank (ECB) Executive Board member Peter Praet said in an interview with German Handelsblatt published on Thursday that the central bank's stimulus measures were working.

"It's working very well. In fact we were pleased to see how strongly our monetary policy has improved credit conditions. The impact on inflation however seems to be taking longer," he said.

Praet pointed out that the ECB is ready to add further stimulus measures if needed.

"We have clearly said that we are ready to do more, if this became necessary. The precise choice of instruments cannot be determined long in advance; it is based on the specific circumstances. The asset purchase programme is sufficiently flexible for its size, composition and duration to be adapted if necessary," he noted