On Friday, a German newspaper reported that Peter Praet stated that the European Central Bank's interest rates would stay the same. He said the bank would even cut the rates given that the inflation remains average. Peter Praet was ECB's executive board member.

ECB said last Thursday that it would keep the rates at their present record lows if not even lower. The bank would even extend the period of lower rates. The statement served as ECB's initial, provisional use of the supposed 'forward guidance'.

The remark from ECB also signified its abandonment of its own policy of never committing ahead of the rates in the future.

"The time frame is in our view linked to the inflation trend remaining restrained," Praet told Handelsblatt, Germany's business daily. "As long as this trend continues, the key rates will remain at current levels or be cut further."

ECB maintained its key refinancing rate at 0.5%. It also kept its own deposit rate at zero during last week's policy conference.