The European Central Bank (ECB) released its Financial Stability Review on Tuesday. The central bank said that risks to the Eurozone's financial stability increased since November 2015.

"Compared with the November 2015 FSR, most risks have increased. At the same time, all risks are clearly intertwined and would, if they were to materialise, have the potential to be mutually reinforcing. Indeed, all risks could be aggravated by a materialisation of downside risks to economic growth," the report said.

The ECB Vice President Vitor Constancio said in a press conference today that an interest rate hike would not have a negative impact on financial markets in Europe but on emerging economies.