Markets are watching closely for any signs that a rise in Spanish bond yields back above 6 percent may prompt a change in the ECB's rhetoric after policymakers in recent weeks underlined it was now up to governments to deal with the crisis, not the bank.

 Coeure, the ECB board member in charge of market operations, said the central bank still had the Securities Market program (SMP) in place allowing it to purchase debt of euro zone nations, should the need arise.

 "We are seeing today growing signs of normalization on a whole group of market segments ... but the situation in recent days shows that this normalization remains fragile," Coeure told a conference in Paris.

 Referring to Spain, where sovereign debt  yields have spiked amid concerns over the government's ability to cut its deficit, Coeure said: "The political will is there, which makes me think that what is happening at the moment in the market does not reflect the fundamentals."