ECB Governing Council member Ewald Nowotny said the central bank will likely wait for its June economic forecasts before reviewing its monetary policy stance but will stop short of deciding whether to gradually end its €2.3 trillion bond purchase program, Reuters reported Jan. 31.

Nowotny stressed that any increase to the central bank's interest rate should only take place after the tapering of the program.

The ECB official also dismissed the prospect of the eurozone losing Italy or France, where eurosceptic political parties are leading the polls.

"It would be economic suicide for Italy to leave the eurozone. The same is true for France," he said, calling it an "absurd" debate, Reuters noted.