The European Central Bank (ECB) Vice President Vitor Constancio said in a speech in Frankfurt on Monday that the central bank will continue its asset-buying programme until the inflation will pick up toward the central bank's 2% target.

"The asset purchase programme will keep our balance sheet expanding until we see a sustained adjustment in the path of inflation," he said.

Constancio pointed out that there are downside risks to the outlook for growth and inflation in the Eurozone from the slowdown in in emerging economies and "unfavourable developments in financial and commodity markets".

He noted that the inflation in the Eurozone remains low due to low oil prices and a lack of demand.