Donald Trump winning the U.S. presidential election is a major event, but it is too early to say if that would affect the policy decision in December, European Central Bank Executive Board member Benoit Coeure said.
"It is not for the ECB to assess the political consequences," Coeure said in an interview to the newspaper Le Progrès de Lyon and other French newspapers, published Friday.
"But it holds a lesson for Europe: in a world where shocks are increasing, Europe must keep control of its destiny."
Reforms are needed in every European country to have a strong economy that can boost defence and security and the euro area must function better, Coeure said.
Regarding the impact of the U.S. election result on the ECB's December interest rate decision, Coeure said, "It is too early to say. In the short term we are closely monitoring the reaction of the financial markets."
"Excessive volatility must be avoided. Looking ahead, we will assess the consequences of Mr Trump's election for the global economy and for the euro area," he said.
The recovery in the euro area is strengthening and this was visible following the UK referendum, Coeure added.
The policymaker also said that interest rates will remain low until there is sustainable growth in the euro area.
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