The European Central Bank's (ECB) its minutes of July meeting on Thursday. According to the minutes, financial developments in China could have a larger than expected adverse impact.

"In particular, financial developments in China could have a larger than expected adverse impact, given this country's prominent role in global trade. This risk could be compounded by negative knock-on effects from interest rate increases in the United States on growth in emerging market economies," the ECB said.

The central bank noted that the economic recovery in the Eurozone remained moderate and gradual.

The ECB pointed out that a deal on a Greek bailout programme will firm confidence in the Eurozone.