Two top officials have tried to temper market expectations of an immediate quantitative easing (QE) package being launched by the European Central Bank (ECB).

Earlier in the summer, ECB President Mario Draghi said he was looking at further options to prop up the 19-member euro zone economy, outlining that one of the possibilities included a new program of asset purchases to stimulate lending and boost inflation.

Investors cheered his dovish comments with ECB members like François Villeroy de Galhau highlighting that a major bond-buying program, also known as QE, could come in the proceeding months if needed.

But just as investors gear up for the ECB's next meeting on September 12, two notably hawkish members of the euro zone's central bank have decided to inject some reality back into the debate.

"In my opinion, based on the current data, it is much too early for a huge package," executive board member Sabine Lautenschlaeger said in an interview with Market News this week which was published on the ECB's website Friday.

"I am still convinced that the Asset Purchase Programme (APP) is the ultima ratio, and it should only be used if you have a risk of deflation; and the risk of deflation is nowhere to be seen now."