European Central Bank (ECB) Governing Council member Jan Smets says in an interview with German newspaper Handelsblatt Thursday that the ECB could use other tools to combat downward risks to growth and inflation, adding that downward risks increased.

"Yes, inflation is too low. Even if it's related mainly to falling oil prices, there is a danger it will have a negative impact on inflation expectations - and they could lose their anchor," he said.

"If necessary, we could, for example, adjust the range, make-up and term of bond purchases," Smets pointed out.