European Central Bank (ECB) Governing Council member Ardo Hansson said in an interview on Wednesday that there is no need in the deposit rate cut.

"Knowing what I know now, I don't think we should take that step. But if the trend in the next few weeks turns much negative, then every option is technically possible to analyse, but in the end it has to be a pretty thorough analysis," he said.

Hansson pointed out that the central bank's monetary policy decision will depend on the incoming economic data.

He noted that the ECB has enough time to make its decision.

"The clock is not ticking in the way that would force us to decide now. I think it would make more sense to think about it a bit later, when we get closer to the announced end of the program to see what comes next. Because then you have more information about how things are progressing," Hansson said.