The European Central Bank (ECB) Governing Council member Jens Weidmann said on Wednesday that the central bank should not keep its low interest rates for a longer period.

"We must not over-extend the period of ultra-loose monetary policy because various risks and side-effects are part and parcel of the current policy stance," he said.

Weidmann noted that stimulus measures were right at the moment.

"An expansionary monetary policy stance is justified for now," he said.