The European Central Bank (ECB) Executive Board member Benoit Coeure said in a speech on Monday that the central bank will review its asset-buying programme at its March monetary policy meeting, noting that the asset-buying programme was" working.

"The euro area numbers clearly show that our monetary policy is having the intended effect. [4] It represents a major contribution to the ongoing cyclical recovery. And the Governing Council will review and possibly reconsider its stance when it meets in March," he said.

"But for the recovery to become structural - and thus to increase growth potential and reduce structural unemployment - monetary policy does not suffice," Coeure added.