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Hansson told the paper that the buying would be in conjunction with the eurozone's rescue funds, and would hinge on certain conditions that still push countries to reform. Potentially, a large-scale program to purchase government bonds could help keep borrowing costs in check. 

The yield on Spain's 10-year bonds, which has been particularly closely watched, remained at 6.78% -- elevated, but below the 7% level that has prompted bailouts in the past. The cost of insuring the country's debt against a default, however, rose slightly on the day, according to financial data firm Markit. 

Separately Boston Central Bank President Eric Rosengren told the Journal that the central bank needs to take much more aggressive action to boost the U.S. economy, including purchases of mortgage-backed securities and potentially Treasury securities. 

"We need a pro-growth monetary policy," Rosengren, who does not currently command a vote on the Federal Open Market Committee, told the paper. 

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