However, this should not prevent the euro area from continuing to reform, he said. “From a negative shock we can and we should build positive solutions,” Centeno told CNBC.

Europe faces other challenges in the new year, with Germany having to overcome its political impasse and Italy voting on a new government in March. However, these events and their potential impacts on the euro area do not worry Centeno.

“If you look back and you see the results of the Dutch election, then of the French election, also somehow the German elections, we have been able in Europe to find solutions that are pretty much at the core of the development of Europe,” Centeno said.

“So I won’t be quite so worried about it,” Centeno, who is also the finance minister of Portugal, added.

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