The European Central Bank’s latest stimulus measures need time to boost inflation in the eurozone, the ECB’s vice president said yesterday, calling on governments to do their part to stimulate growth.

Vitor Constancio’s comments supported a view that the ECB was unlikely to ease monetary policy again in the near future after it cut interest rates in March, ramped up its money-printing programme and unveiled a scheme where banks would be paid to borrow from it.

“We have to allow some time for the package of measures adopted in March to produce its effects, while closely monitoring external developments,” Constancio said in a speech in London.

“The ECB will continue to do what is necessary to achieve its goal of reaching a level of inflation close to two per cent and enough policy tools can still be used,” he added.

But he also called on governments to provide fiscal stimulus, albeit within European budget limits, take measures to boost productivity and complete Europe’s banking and markets union, which is notably still lacking a single deposit insurance.

“Combined, this would make the eurozone fit to deliver a more prosperous future for its citizens,” Constancio said.