Reuters reports that ECB Chief Economist Philip Lane told that the European Central Bank could still increase bond purchases at its June meeting if such a move is needed to keep borrowing conditions favourable.

He also said unemployment is not expected to return to its pre-pandemic level before 2023, a long process that will require a "sustained effort" from both the ECB and governments.

"We can increase or decrease our purchases depending on what is necessary to keep financing conditions favourable. Our overall commitment is to maintain favourable financing conditions," Lane told.

Lane's comments suggest the decision remains open as the recovery is coming later than policymakers had hoped and the bloc's economy still needs another year to grow back to its pre-crisis size.