ECB QE isn’t a long-term measure - ECB's Nowotny

FXStreet (Mumbai) - The European Central Bank's (ECB) massive asset-purchasing program isn't a long-term measure, the bank's Governing Council member Ewald Nowotny said Tuesday, advising investors to focus less on government bonds.

The euro area is still a region with the weakest growth, Nowotny, who heads the Bank of Austria, said. However, the ECB's policy measures have led to a depreciation in the euro, which may give the economy a boost.

Turning the focus to the US, he warned that normalization of the Fed's monetary policy is a "downside risk for Europe."