European Central Bank President, Mario Draghi, has said that the eurozone will not leave negative interest rates behind before the end of 2017.

"The negative rates, in conjunction with the other elements of our easing package, have turned out to be powerful in terms of easing financial conditions. And the potential negative side effects have so far been limited," he commented.

There has been growing speculation that the bank may shake up its policies as euro countries' growth and inflation data suggest that its economic recovery is starting to stick.

Some savers have argued that negative rates and the return of inflation are eating into their reserves, while retail banks' profits have suffered.

The ECB is committing to keeping negative interest rates until it ends its quantitative easing bond-buying programme, which is set to run into 2018.

The new 2017 €50 note

"The current wording of our forward guidance reflects exactly this assessment of side effects. And from today’s standpoint, I do not see cause to deviate from the indications we have been consistently providing in the introductory statement to our press conferences," Mr Draghi continued.

He said there is no question of these policies being altered without a significant increase in inflation.

The ECB chief also added that the euro area's recovery is exposed to "geopolitical risks" which could affect its recovery.