The European Central Bank (ECB) Vice President Vitor Constancio said on Tuesday that the central bank will add further measures if there is a significant risk to the outlook for inflation in the Eurozone.

I am confident that full implementation of the private and public-sector asset purchase programs, as announced, will lead to a sustained return of inflation rates toward levels consistent with our definition of price stability. As always, the Governing Council stands ready to use all the instruments available within its mandate to respond to any material change to the outlook for price stability," he said.

Constancio pointed out that the recent decline in oil prices is affecting the inflation, "but there is nothing monetary policy can do about that." He added that this effect "will disappear one day".