Robert Holzmann, the governor of Austria's central bank, told CNBC Thursday that he believed the European Central Bank might be able to start reducing its bond purchases during the summer.

"When we decided in December an extension of the PEPP program we made a change by changing from a volume that needs to be spent to a volume which can be spent," he said.

"So what amount of money that will be spent is dependent on the quarter in advance and the decision for the third quarter, we'll make (it) at the end of the second quarter, and hopefully, by that time, there will be a possibility to reduce again the purchases," Holzmann told CNBC's "Street Signs Europe."

Earlier, ECB member Klaas Knot told CNBC that the central bank could frontload purchases as a way to contain borrowing costs for euro area governments.