European Central Bank (ECB) Executive Board member Benoit Coeure said in a speech in Mexico City on Tuesday that further stimulus measures are needed to boost the Eurozone's inflation as the inflation target could be missed.

"If we see a risk that inflation would go back to 2 percent much less quickly or in a much more sluggish way than previously expected, that would imply that de facto real interest rates at this level would be higher," he said.

Coeure pointed out that the discussion about the deposit rate cut has started.