During the press conference, ECB President Christine Lagarde indicated that the central bank's macro assessment had hardly changed from its December meeting. The ECB still sees the disinflationary process on track and expects a pick up in demand, though it acknowledges the near-term weakness of the eurozone economy.

Central bank independence is being challenged in parts of the world and greater political influence could undermined banks' ability to keep inflation down, risking economic volatility, European Central Bank President Christine Lagarde said on Monday.