European Central Bank Vice-President Vitor Constancio said Wednesday that the bank is ready to adjust monetary policy if economic conditions in euro area continue to worsen.
"We stand ready to act" if economic indicators continued to suggest the situation is deteriorating, Constancio told reporters after a European Parliament committee meeting.
"Monetary policy is accommodative and, as we have said, it will continue to be accommodative to respond to the present conditions, in which inflation is going down in a significant way," he said.
Earlier, at a hearing before the Committee on Economic and Monetary Affairs of the European Parliament, Constancio said economic growth in Europe is now essential to complete the adjustment and the rebalancing that have been going on.
"Therefore, it is of paramount importance that the momentum is maintained towards implementing structural reforms at national level and towards building a stronger Economic and Monetary Union through European institutional reforms," he told the committee.
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