European Central Bank (ECB) is expected to launch monetary stimulus next month to help banking system in euro zone. Head of asset management in the biggest bank in Norway, DNB ASA supported the effort as it will help to save the world.

In an interview with Bloomberg on Thursday, head of fixed income at DNB Asset Management Svein Aage Aanes said, "Many are a bit skeptical but I still think the central banks have some dry gun powder left." He also said, "The ECB can do much. This will calm down."

He also pointed out the power of Chinese government to steer China as the world's second-largest economy to get out of the market turmoil. However, he said investors are underestimating that power.

As quoted by Taipei Times, he said, "Against what normally would've been a clear bubble situation there's a government in China that has completely different tools and the ability to intervene through regulations and capital controls. It's a terror balance between an unbalanced economy and a government with a big foreign exchange reserve and economic muscle."

Aanes is the one responsible to oversee 315 billion kroner ($40 billion) asset with investment horizon of 6 to 12 months. Currently, the Oslo-based bank is waiting for the right timing to execute its plan to buy more corporate bonds, and is interested in bank debt in particular. Nevertheless, the bank debt has its yields surged in this year over concern of another financial crisis.

Furthermore he stressed the importance to rescue the banking sector. As nowadays, with its higher yields, lenders are unable to issue subordinated debt. ECB is expected to calm down the market with rate cuts and also implement other specific measures for the banking system.

In a last month's monetary policy meeting, European Central Bank is determined to make euro a more resilient to overcome the significant challenges. The central bank has already review and reconsider stimulus program in early March. ECB will also consider to relinquish its 500-euro bank note.

The central bank decided to ditch the bank note because the bank note were used by criminals and militant activities. President of ECB Mario Draghi told Reuters, "The 500 euro note is being viewed increasingly as an instrument for illegal activities," he said. "It has nothing to do with reducing cash."

Last year, the amount of cash in Europe rose to more than 1 trillion euros ($1.1 trillion), and 30% of it hoarded in 500-euro bank note. European finance ministers have urged ECB to tighten access to bank notes to cut funding for militant activity.

As the effort to revitalize financial sector and banking industry, ECB has set a plan to launch a stimulus in May. While DNB openly said to support the decision.