Analytics, Estonia, EU – Baltic States, Financial Services, Inflation

When looking at last month's result it seems that the policy of printing money is working, Hansson said on Friday at a real estate conference. He added that some months are better and some are worse, but in general signs can be seen that the eurozone inflation is recovering.

The QE program is to last until September 2016. According to Hansson the heads of eurozone central banks have to decide soon whether to continue with the program or not.

"We have to discuss how factors are influencing the inflation and see whether it is increasing or decreasing when we don't take into account nonrecurrent factors," he added.

The European Central Bank announced a quantitative easing program in January under which 60 billion euros of bonds per month would be bought from March 2015 at least until the end of  September 2016. Eurozone central banks are buying approximately 50 billion euros' worth of debt per month now and the total value of the bonds bought by them was 314.5 million euros on Sept. 11.

The bond buying would continue through September 2016 or until the ECB sees a sustained adjustment in the path of inflation, which is consistent with its aim of achieving inflation rates below, but close to, 2% over the medium term.