European Central Bank (ECB) Executive Board member Peter Praet said in an interview with the German newspaper Süddeutsche Zeitung that effect of low oil prices on inflation in the Eurozone is not temporary.

"Although falling oil prices have recently played a significant role in low inflation, the effect on inflation is not negligible or temporary," he said.

Praet pointed out that the ECB's stimulus measures helped to stop a decline in inflation expectations and to reduce the risk of deflation.

He noted that governments should implement structural reforms.