The U.S. Treasury Secretary Jacob Lew said in a speech at the World Affairs Council in Seattle on Thursday that stimulus measures by the European Central Bank will not be enough to avoid a deeper slowdown of economic growth in Europe.

Lew warned of "lost decade" in Europe. He pointed out that countries should not rely too much on the United States to prop up global growth.

Lew appreciated stimulus measures by the Bank of Japan.

He also said that the U.S. private sector has created more than ten and a half million new jobs.