The European Central Bank is considering using all instruments at its disposal unless there is improvement in the euro zone economy, member of the ECB Governing Council Olli Rehn said.

"We in the Governing Council are ready to act as appropriate unless there is improvement in the economic conditions," Rehn told a conference in Brussels.

Asked whether the ECB should proceed with rate cuts or more asset purchases, Rehn said: "The whole range of instruments is on the table."