European Central Bank (ECB) Vice President Vitor Constancio said on Friday that the central bank's monetary policy had limits.

"So if these other policies either can't or won't contribute to a significant degree, then not only is it wrong to start talking down monetary policy - it's actually dangerous," he said.

Constancio noted that structural and fiscal reforms should be implemented to help to boost the economic growth and inflation.

He pointed out that ECB's monetary policy contributed to inflation and economic growth in 2015.