The European Central Bank has defended steps it has taken to avert a break-up of the eurozone, addressing criticism that it is transgressing its mandate.

Speaking at Sibos on Wednesday, Benoît Coeuré, who is one of six members of the ECB's executive board, said its outright monetary transactions scheme "is there to restore the capacity of the ECB to deliver price stability to the eurozone and therefore we believe that it is at the core of our mandate".