The European Central Bank (ECB) released its economic bulletin on Thursday. The central bank noted that the economic recovery in the Eurozone is expected to continue, supported by domestic demand.

"Looking ahead, the economic recovery is expected to proceed, although risks remain on the downside. Domestic demand should be further supported by the ECB's monetary policy measures and their favourable impact on financial conditions, as well as by the earlier progress made with fiscal consolidation and structural reforms," the ECB said.

"The risks to the euro area growth outlook remain on the downside and relate in particular to the heightened uncertainties regarding developments in the global economy as well as to broader geopolitical risks. These risks have the potential to weigh on global growth and foreign demand for euro area exports and on confidence more widely," the central bank added.