The European Central Bank Executive Board member Benoit Coeure said in Paris on Thursday that quantitative easing is having impact on the economy. He noted that the ECB has already purchased 9.8 billion euros worth of assets in three days, adding that there is no problem in finding bonds to buy.

Mr Coeure warned that "the recovery is cyclical and led by low oil prices". He pointed out that it is a chance for governments to implement reforms.