Reuters reports that ECB governing council member Klaas Knot said that the European Central Bank's (ECB) recent decision to accelerate its bond purchases is a temporary move, meant to reduce borrowing costs until growth and inflation in the monetary union pick up.

Knot said that a "major part" of the recent rise in euro zone yields was caused by the improving outlook for growth and inflation in the euro area.

But he described the rest as an unwarranted response to rising yields in the United States, where economic fundamentals have improved faster.

"We thought it would be wise to frontload part of our purchases, as a counterweight in the coming months. But as soon as the improvements that we expect materialise, that reason of course will disappear," Knot told.