The European Central Bank (ECB) Vice President Vitor Constancio said in an interview with Reuters on Wednesday that there is a scope to extend the asset-buying programme as the volume of the ECB's quantitative easing is smaller than other asset-buying programmes.

"The total amount that we have purchased represents 5.3 percent of the GDP (gross domestic product) of the euro area, whereas what the Fed has done represents almost 25 percent of the U.S. GDP, what the Bank of Japan has done represents 64 percent of the Japanese GDP and what the U.K. has done 21 percent of the UK's GDP," he said.

Constancio pointed out that the Eurozone needs strong growth in the U.S. and China.

"We need a strong recovery in the U.S. China can still stabilise its situation and to keep growth above 6 percent is achievable in the short term," he said.