Reuters reports that the euro zone economy is growing in line with the path the European Central Bank projected in June, and the bank's bond purchase scheme to help tackle the pandemic emergency is working as intended, ECB policymaker Peter Kazimir said on Wednesday.

Kazimir added that the ECB was not obligated to spend all of the 1.35 trillion euros ($1.6 trillion) set aside for debt purchases in the Pandemic Emergency Purchase Programme.

"I have said in the past that once we have an appropriate response from the fiscal side, then of course we are not obliged to use the whole (PEPP) envelope," Kazimir told reporters.