Factbox - ECB policymakers' recent comments

FRANKFURT (Reuters) - The European Central Bank surprised markets in September by cutting interest rates closer to zero and launching a new programme to stoke lending to revive the euro zone economy.

Following are highlights of ECB policymakers' comments since the bank's Sept. 4 meeting.

To read full stories, click on the links in brackets.

IGNAZIO VISCO (ITALY), SEPT 23

On impact of high unemployment and lower investment on economies: "This is particularly worrisome for countries with high public debts, whose sustainability requires a return to steady economic growth, and which may also suffer, as is presently the case in the euro area, from excessive disinflation. And this is why structural reforms and accommodative monetary policy are so much in demand these days."

MARIO DRAGHI (PRESIDENT), SEPT 22

"The Governing Council remains fully determined to counter risks to the medium-term outlook for inflation. Therefore, we stand ready to use additional unconventional instruments within our mandate, and alter the size and/or the composition of our unconventional interventions should it become necessary to further address risks of a too prolonged period of low inflation."

PETER PRAET (EXECUTIVE BOARD), SEPT 22

"There is no willingness to talk down the euro."

JENS WEIDMANN (GERMANY), SEPT 21

"In my view the recent decisions by the ECB Council (are) a fundamental change of course and a drastic change for the ECB's monetary policy."

BENOIT COEURE (EXECUTIVE BOARD), SEPT 21

"I also stressed the Governing Council is unanimous in its commitment to using additional unconventional instruments within its mandate if necessary to address the risks of a prolonged period of low inflation, but I also made it clear that monetary support will have very limited effect without progress in structural reforms."

CHRISTIAN NOYER (FRANCE), SEPT 20

Asked whether QE was on the ECB's agenda at the moment, Noyer said: "No. Decisions have been taken and we shall see if the foreseen results will come."

PETER PRAET (EXECUTIVE BOARD), SEPT 19

"We weren't suggesting governments to reinsure the whole market for mezzanine tranches, but to target SMEs lending."

"The amounts are not that important, considering also that existing facilities, which in some cases are not even used, can be tapped."

"What is happening in the currency market is in line with fundamentals. The U.S. has recovered more strongly and we have weak conditions here."

PETER PRAET (EXECUTIVE BOARD), SEPT 18

In reaction to first four-year loan offer: "Markets have understood that the June and September measures should be seen as a combination aiming at addressing credit impairment. These measures can only be assessed once they have been fully implemented."

ERKKI LIIKANEN (FINLAND), SEPT 16

"Should it become necessary to further address risks of too prolonged a period of low inflation, the Governing Council has underlined that it is unanimous in its commitment to using additional unconventional instruments."

VITOR CONSTANCIO (VICE PRESIDENT), SEPT 13

"We anticipate that after the hiccough of the second quarter there will be positive growth in the third quarter but that growth in whole year will be below one percent, which is very small."

JENS WEIDMANN (GERMANY), SEPT 13

"The European Central Bank's Governing council sees no significant risks of a deflation spiral in the euro zone."

MARIO DRAGHI (PRESIDENT), SEPT 11

"We will only manage to stimulate investment if structural, fiscal and monetary policies mutually reinforce each other."

VITOR CONSTANCIO (VICE PRESIDENT), SEPT 11

"We hope that the recent package will be enough. But in view of our responsibility and our mandate, buying government bonds certainly is something we cannot exclude."

PETER PRAET (EXECUTIVE BOARD), SEPT 11

"There is a risk that worsening short-term expectations will influence long-term expectations, especially if inflation continues to undershoot."

"Since the summer there have been some signs of a risk of a possible de-anchoring of inflationary expectations."

CHRISTIAN NOYER (FRANCE), SEPT 11

"We succeeded perfectly in what was one of our aims, which we need in order to get back to our inflation target of 2 percent a year: we needed to bring the euro down and we still need to bring the euro down."

YVES MERSCH (EXECUTIVE BOARD), SEPT 10

On programmes to buy asset-backed securities and covered bonds: "They are neither comparable with a broad programme of quantitative easing, nor do they represent the overtures to that."

BENOIT COEURE (EXECUTIVE BOARD), SEPT 10

"The euro area faces risks to its economic growth on such a scale that it's necessary to use all available tools to support the economy."

ERKKI LIIKANEN (FINLAND), SEPT 9

"Looking at the information that we have seen during the summer, we can well argue for these decisions. One could have even expected this. I never say how I voted, but I am satisfied with the decision."

BENOIT COEURE (EXECUTIVE BOARD), SEPT 9

"One should note here that when the ECB says it does not have any exchange rate goal (because it mainly has an inflation goal) that clearly does not stop it from taking developments in the exchange rate into account in its analysis and actions. All things being equal, a stronger euro justifies a more accommodating monetary policy."

VITOR CONSTANCIO (VICE PRESIDENT), SEPT 8

"In July at the press conference, (ECB) President (Mario) Draghi said that we are not excluding a priori any instrument that we see as legal and within our remit."

EWALD NOWOTNY (AUSTRIA), SEPT 8

On the possibility of quantitative easing (QE): "We have to be careful that we are not getting ahead of ourselves. I think we should focus on what we have decided."

IGNAZIO VISCO (ITALY), SEPT 7

"As the launch of a new programme of covered bond purchases shows, we must not hesitate to take other actions, if they are necessary to guarantee monetary stability."

PETER PRAET (EXECUTIVE BOARD), SEPT 5

On the four-year loan and asset-backed security programme: "The ECB aims for an easing impact that is more certain and less dependent on the borrowing behaviour of banks... What is clear here is that there is a commitment to have a sizeable easing impact."

EWALD NOWOTNY (AUSTRIA), SEPT 4

"The significant point here was to affect the exchange rate. As you have seen this happened quickly and will be lasting. From this side we have in any event a very clear relief effect for Europe's export sector."

(Compiled by Frankfurt Newsroom, editing by John Stonestreet)