"The official interest rates are not at zero and monetary policy maintains its capacity to influence the economy," the central banker said on an online forum on Spanish newspaper El Mundo's website on Thursday.

However, the central banker added that there are drawbacks to excessively low rates. The key policy rate at excessively low levels can reduce the incentive for banks to restructure, González-Páramo said.

Nevertheless, the ECB has always done what is necessary, he added.

Furthermore, González-Páramo said that the ECB will announce new measures at its next meeting in May. The new measures will optimize the effectiveness of current policy and will facilitate finance for companies, the policy maker said.

González-Páramo also said that, with falling energy and food prices will likely lead to negative inflation in the coming, the risk of deflation in the euro zone is not high. The central banker also says that the credibility of the ECB is a defense against the risk of deflation.

In addition, González-Páramo highlighted the importance of applying the measures agreed to during the G20 summit held in London earlier in the month. The agreements made during the G20 meeting will help to boost confidence in the financial sector, the policy maker added.

However, he quickly added that the effects of all measures will take some quarters to show and that uncertainty remains at very high levels.

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