The European Central Bank (ECB) Executive Board member Benoit Coeure said in an interview with the Japanese newspaper The Yomiuri Shimbun on Friday that the central bank had no plans to cut its deposit rate further.

"It is in principle possible to cut this rate further, but there is currently no plan to do so," he said.

Coeure noted that the lending to banks was more important than the negative interest rate.

He also said that the ECB's stimulus measures were working.