The European Central Bank (ECB) Governing Council member and Bundesbank President Jens Weidmann said on Wednesday that the central bank should monitor closely "signs of speculative excesses on asset markets" as European stock and bond markets rose rapidly in the past weeks.

He noted that he did not see a deflationary spiral in the Eurozone. Low inflation is driven by falling energy prices, the Bundesbank president said.

Quantitative easing by the ECB could lead that governments will lose motivation to implement reforms, Weidmann pointed out.