(MENAFN- AFP) The European Central Bank will wait until the end of the year to assess fully the wave of measures intended to bolster growth and prevent deflation, an ECB board member said on Friday.
"We have to give it some time and wait until the end of the year to evaluate the consequences of the broad measures taken Thursday before we consider any further measures," said Luc Coene, head of the Belgian central bank and ECB board member.
On Thursday, the ECB announced an unprecedented package of measures, including negative interest rates, in its fight to head off the spectre of deflation in the euro area.
"Depending on the outcome, we'll see if there is a need or not for more measures," Coene told a news conference in Brussels.
"A long period of low inflation has its risks," the central banker said. "It was important that we take these measures."
In addition to cuts in eurozone interest rates, ECB chief Mario Draghi unveiled a series of new measures to kick-start bank credit, which has been contracting for months now.
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