The European Central Bank is determined to continue with its present monetary policy until conditions improve, ECB governing council member Bostjan Vasle told a banking conference on Friday.

He said the ECB believes interest rates would remain at a low level for a "longer period of time", adding the ECB policy was aiming to influence short-term and long-term interest rates.

He also called upon euro zone states to accompany the ECB's monetary policy with structural and fiscal reforms.