European Central Bank (ECB) Executive Board member Benoit Coeure said in an interview with the Italian newspaper Il Sole 24 Ore Wednesday that the central bank's stimulus measures were working.

"Our monetary policy is working: credit is improving significantly, both in the volume and cost of loans, and economic activity is recovering. Not strongly enough, but it is steadily increasing," he said.

Coeure pointed out that the ECB did not discuss helicopter money and further stimulus measures.

He also said that a sharp appreciation in the euro would be a problem for the central bank.

"The euro has stabilised over the last month after a clear depreciation. It is not an obstacle to our monetary policy. Only if there was a sharp appreciation of the euro would that be a concern," Coeure noted.