The euro zone is not at risk of stagflation, or a period of high inflation coupled with stagnating economic growth, European Central Bank board member Isabel Schnabel has said.

"I personally don't see that we are in a stagflationary situation or that we are approaching a stagflationary situation," Ms Schnabel told a lecture.

"We do see relatively high inflation but we do not see stagnation," she said.

"Actually, most economies are growing quite strongly, much faster than what we call potential growth."