October 21, 2016 / 3:31 PM / 3 years ago

Fiscal policy needs to complement monetary steps-ECB's Nowotny

VIENNA, Oct 21 (Reuters) - Fiscal policy measures to stimulate growth need to complement ultra-loose monetary policy, European Central Bank policymaker Ewald Nowotny said on Friday, adding monetary policy has had as big an effect as it could have had.

“One has to say...monetary policy alone is not the whole lever. To have a really much stronger effect I need in addition support from fiscal policies, from the sector of structural policy,” Nowotny told the Gewinn investor conference.

“This has maybe happened to a stronger degree in America than in Europe. That means one cannot put too much of a strain on monetary policy but what we could have done, we have done and I believe with success.” (Reporting by Shadia Nasralla; Editing by Michael Shields)

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