The European Central Bank Executive Board Member Sabine Lautenschlaeger expressed doubts that the quantitative easing programme by the central bank will have the desired effect.

"Given the current low level of interest rates in the euro zone, I have doubts whether the economic effects of the purchase programme will reach the desired magnitude," Lautenschlaeger told in an interview to the German weekly magazine WirtschaftsWoche.

She warned that low interest rate could lead to overheating or asset price bubbles.

Lautenschlaeger noted that quantitative leading may lead to refusal to implement reforms.