European Central Bank (ECB) Governing Council member Ignazio Visco said in an interview on Friday that there were no taboos to reach the price stability.

He also said that the central bank should act before inflation will decline strongly.

"Acting pre-emptively and aggressively may mean having to act less than you would have done, had you acted too late," ECB Governing Council member noted.

Visco said that he saw the second-round effect of the oil price drop.

"I see that the risk of second-round effects is materializing. For example we already see wage contracts which include the possibility of a revision if inflation is lower than expected," he pointed out.