European Central Bank (ECB) Executive Board member Peter Praet said in a speech on Monday that the central bank would ease its monetary policy further to boost inflation in the Eurozone if needed.

"The prolonged period of low inflation we are in today has increased the risks that inflation misses might become persistent, which would be deeply damaging for the economy. This is why we have reacted so forcefully to secure our objective - and will continue to do so in the future if necessary," he said.

Praet pointed out that central banks should be active to reach price stability.

"The ECB has demonstrated through its actions that it does not wait for others to move first," he noted.