There is no need for further monetary stimulus from the European Central Bank as economic conditions in the euro zone are "quite good" already, ECB governing council member Vitas Vasiliauskas said on Monday.

"At the moment I don't see the need for additional intervention," Mr Vasiliauskas, who is also Lithuania's central bank governor, said. "In my opinion, the economic situation in Europe is quite good."

He highlighted growth in lending to households and companies and a favourable euro exchange rate against the dollar as two positives for the euro zone’s economic outlook.

The ECB cut its deposit rate earlier this month and extended its asset purchase programme in a bid to bring inflation in the euro zone, currently just above zero, back to its target of almost 2 per cent.

Reuters