European Central Bank (ECB) Governing Council member Ewald Nowotny said on Monday that interest rates in the Eurozone are likely to stay low as long as the economic growth stays low.

"One should not overestimate the possibilities that central banks have in relation to influencing the long-term interest rate. As long as we have an economy with relatively low growth rates, we will have to live with low interest rates," he said.

Nowotny pointed out that it is dangerous to hike interest rates too soon.

"That's a horror scenario," he noted.

Nowotny also said that the ECB pursues "no particular exchange rate policy".