Banks, EU – Baltic States, Financial Services, Legislation

At the same time he insists that the ECB is still ready to act if needed.

"If anything were needed, we would need to be ready," as Coeure told CNBC Television in an interview.

In March, the ECB launched a highly controversial program of bond purchases, known as quantitative easing or QE, to push eurozone inflation back up to levels that are more conducive to healthy economic growth.

Initially, the program – under which the ECB plans to buy as much as 1.1 trillion euros ($1.3 trillion) of bonds at a rate of 60 billion euros per month until September 2016 – appeared to work. But a renewed decline in oil prices and the economic slowdown in China has pushed area-wide inflation expectations back down, reigniting fears of a potentially dangerous downward spiral of falling prices.

This has led to speculation that the ECB might need to extend its QE program or launch a new one.

But Coeure said it was "too early to pass that kind of judgement."

"Of course, we have only executed, delivered, one third of the program," he argued.

The beneficial effects of a range of other policy measures – unprecedented amounts of liquidity and historically low interest rates – were also gradually making themselves felt, Coeure said.

"It is all feeding into the economy at a slow pace, so it is certainly too early to measure the full extent of what we have done over the last couple of years," he said, adding it was "premature to discuss" a new QE program.