Economist Hans-Werner Sinn, who heads Munich's Ifo institute, said in a statement Thursday that the new bond-buying program was outside the central bank's remit and taken at the expense of European citizens, who would bear the risk.
He added that the surprise interest-rate cuts would have no impact on the regional economy. "The ECB used up its ammunition much too early and cut interest rates by too much. Now it is in a liquidity trap."
Liane Buchholz, managing director of the Association of German Public Banks, said that instead of relying on ECB measures, countries should follow Germany's example and establish "development" banks that are exempt from corporate taxes and provides low-cost loans to the private sector.
"Instead of continuing uncontrolled pumping liquidity into the banking system, unsettling depositors, other measures targeting the improvement of financial conditions and investment promotion should be taken," Buchholz said in a statement Thursday.
Struggling "peripheral" euro zone countries have typically been more in favor of ECB stimulus measures—particularly those like Italy, whose economy is forecast to shrink again this year.
Italian daily newspaper La Stampa headlined on Friday with "Mini-euro and a lot of cash to jump-start Europe" and "The banker weaves fabric against the ideologues of rigor".
Read More'Bold action' needed on Europe unemployment: Report
Following the rates announcement, the head of one of Italy's largest banks told CNBC that the move could provide a sentiment boost that would be advantageous for the Italian financial sector.
"This can increase real economy demand for credit, because this is another lever to increase the demand for products, and so, GDP," Carlo Messina, CEO of Intesa Sanpaolo, told CNBC.