The European Central Bank (ECB) Vice President Vitor Constancio said on Friday that the central bank could add further stimulus measures in March if it takes longer to reach 2% inflation target.

"The main thing for us discussing our decisions is the prospect for inflation going forward. We don't expect to reach our goal in a short time, but to go in that direction. If the conclusion of the Governing Council is that path is at stake and that the delay in normalizing may get bigger...it may decide to act," he said.

Constancio noted that inflation could turn negative in the short terms but it should rise in the second half of the year.