European Central Bank (ECB) Executive Board Member Benoit Coeure said on Saturday that the ECB plans to keep interest rates at present low levels. He also said the ECB may cut them further due to low inflation. This was according to a report published by Reuters.

The euro zone inflation is currently running at 0.7%. This is way below its target of less than 2%, Reuters said. According to a raft of ECB speakers, the bank is willing to take new steps after rates cut to a record low of 0.25% this month, said the report.

Coeure said during a conference in Paris, "We have said that in the view of the subdued outlook for inflation we expect interest rates to remain at current or lower levels for an extended period of time."

Coeuro said the ECB was taking measures that are in line with the inflation mandate. The said mandate did not prevent the bank from supporting the economy during its down times, Reuters reported.