The European Central Bank is more confident that inflation will gradually reach its target of "below, but close to 2 percent" and the planned reduction in the monthly asset purchases reflects the same, the bank's chief economist Peter Praet said as per the media report.

"The recalibration of our asset purchases reflects growing confidence in the gradual convergence of inflation rates towards our inflation aim," Praet, who is also an ECB executive board member, said in a speech in Brussels.

The policymaker pointed out that inflation developments, despite the solid growth, remain subdued. Further, convergence of inflation towards the target remains conditional on a substantial degree of monetary policy accommodation, he added.