ECB's Nowotny sees first signs of QE policy success

VIENNA: The European Central Bank's asset purchase programme to boost the euro zone economy -- so-called quantitative easing (QE)-- is starting to bear fruit, ECB Governing Council member Ewald Nowotny said on Monday.

"Quantitative easing policies have contributed significantly to economic recovery in the United States and there are first signs of success of these policies also in the European Union," he said in remarks prepared for a conference on long-term growth prospects.

He said monetary policy was less effective than factors such as structural policies, institutions, and research and development in improving countries' long-term growth potential, but could still contribute to a "growth-friendly environment".