In a series of interviews, central bankers from Germany, Italy and Greece gave no indication they were in any hurry to draw a close to almost two years of low rates.

ECB policymakers are voicing mounting concern that strong money and credit growth could fuel inflationary pressures in come asset markets in the future.

But several central bankers said this was a longer-term risk, and the immediate price outlook is favourable for inflation to fall below 2 percent this year.

"As long as this is our main scenario, vigilance is warranted. But I see no need for immediate action," Bundesbank President Axel Weber told Reuters in an interview.

Greece's national central bank president Nicholas Garganas likewise said high levels of excess liquidity have "always been a concern" for the ECB.

"But it's for the future not for now," he said in an interview with AFX news agency. He forecast the ECB would achieve its price stability goal of inflation, now at 2.1 percent, falling just below 2 percent in the second or third quarter of this year.

"The Governing Council has underlined the risks and the need to be vigilant. (But) I don't think there will be any signals about monetary policy in the next few weeks other than the need to maintain vigilance about price stability," he said.

ECB Vice President Lucas Papademos and ECB Executive Board member Tommaso Padoa-Schioppa in interviews earlier in the week had discussed the risks from strong money and credit growth, spilling into financial markets and creating price pressures.

This had stirred market speculation that increased ECB rhetoric about excess liquidity signalled the ECB was preparing the ground for a rate hike, possibly by June.

Euribor debt futures fell over the week, pushing to over 30 percent the market pricing of chances for a rate hike by mid year, up from less than 30 percent the prior week. But technical factors also played a major role in that move.