Singing from the same hymnsheet, Volker Wieland, member of the German Council of Economic Experts, reiterated his call made when speaking to CNBC in April for the ECB to hike rates.

“I think they could do more, I think they should signal and explain how they can unwind this huge asset purchase program,” he said, also speaking to CNBC from Sintra on Tuesday, adding that he did not expect much to happen in the short term.

“There may be hints here and there, more hawkish tones maybe in terms of assessing the economy, the recovery we observe in the euro area, but I don’t expect at this point any major change in the ECB communication,” he conceded, while pointing to some growing issues with the stimulus program.

Looking at the practicalities of asset purchases, Wieland warned that the vast quantities of government bonds being snapped up could soon cause problems with regards to regulatory limits in place – rules that some, such as potentially Bundesberg President Jens Weidmann, could be reluctant to see waived.

Turning to the currency effect, while Wieland acknowledged that the low exchange rate had certainly provided a boost to the economies, it was not ideal for some economies that exports were growing so rapidly.

“For Germany of course, it’s not optimal, it’s growing above potential. It’s maybe overheating,” said Wieland, the member of Chancellor Angela Merkel’s so-called band of “Wise Men”.