FRANKFURT: The European Central Bank will intervene in bond markets if it deems a rise in yields to be unwarranted but not if it is accompanied by an economic recovery, ECB Vice President Luis de Guindos said in a TV interview on Wednesday.

"If the rise in yields in unwarranted, then we will act," de Guindos told CNBC.

"If the increase in yields is the consequence of the normalisation of the economy, it's something that is going to part of the broader framework. If there's a recovery going on, if inflation starts to go up and normalise economic activity, then nominal yields will have to go up.

"This is going to be part of our analysis of favourable financing conditions."