The European Central Bank's (ECB) its minutes of January meeting on Thursday. The minutes showed that downside risks to the outlook increased.

"Downside risks had increased again since the beginning of the current year, amid heightened uncertainty about the growth prospects of emerging market economies, volatility in financial markets and geopolitical risks," the ECB said.

"Weaker than anticipated growth in wages, in conjunction with declining inflation expectations, could also signal increased risks of second-round effects," the central bank noted.

According to the minutes, inflation in the Eurozone remained low due to further decline in oil prices.

The ECB kept its interest rate unchanged at 0.05% in January, but said that it will review its quantitative easing in March.