European Central Bank (ECB) Governing Council member Boris Vujcic said on Friday that the ECB could start lowering the policy rate later but with bigger steps. Vujcic, however, added that he'd prefer 25 basis points reductions when they start.

The Eurozone's overall picture is good at the moment, he noted and said that the Euro area economy is in more of a stagnation rather than a recession.

Meanwhile, Governing Council Gediminas Šimkus said that they were still less optimistic than markets on rate cut, adding that he was confident that data would not support a rate reduction in March.