Speaking at an event at the University of Malaga, Gonzalez-Paramo, one of the ECB's six Executive Board members, said the bank had no plans to inject another round of ultra-cheap 3-year funding. The bank was always thinking about how to normalise its policy, but the details were not yet being discussed.

"The ECB always thinks about the exit strategy when it introduces any non-conventional measures...We are still looking at the effects of the three-year auctions, the details of an exit strategy are not being looked at," Gonzalez-Paramo told reporters.

He also said the central bank was watching the rise in raw material prices closely to see what effect they may have on inflation in the euro zone.

"It is one of the risks to the upside so we are looking at the rise in raw material prices closely. But inflation expectations in the medium-term remain anchored."

The policymaker, who leaves his post at the end of May, also remained confident about the outlook for economic activity in the euro area. He said the euro zone was in a much better position than a few months ago given European and ECB measures that have soothed financial markets.

"Economic activity is stabilising at low levels. But it is stabilising and we are confident that in the coming quarters we will see a recovery in activity," he said.