European Central Bank (ECB) Governing Council member Ewald Nowotny said on Friday the central bank will review its stimulus measures and examine which tools it could use to boost inflation in the Eurozone.

"We will look at the situation again in March, but we haven't decided on what instruments we will use," he said.

Nowotny also said that the Eurozone could fall into deflation in the first half of the year due to low oil prices.