Reuters reports that ECB Vice President Luis de Guindos said that the European Central Bank will act on any "detrimental" rise in borrowing costs and considers removing stimulus too early a bigger risk than acting too late.

"At the moment, risks from the early withdrawal of policies are higher than the risks associated with keeping support measures in place," de Guindos told.

Several policymakers including ECB chief Christine Lagarde have expressed satisfaction in the market's reaction to the bank's March decision to "significantly" increase bond purchases and de Guindos said the ECB would act again if markets were out of sync with real economic developments.

"We are continuously monitoring favourable financing conditions and this is going to be our guide in the short and medium term, and if we notice... that there is a detrimental tightening of financing conditions, we will react; this is part of our commitment in the short term, until the pandemic is over," he said.