ECB executive Board member Bini Smaghi said to the Financial Times yesterday that he supports the usage of quantitative easing to provide the needed liquidity, referring that the situation in the euro area is not like other countries such as U.K. or U.S. as the ECB currently sees no risk of deflation.

He commented on the usage of QE clarifying that it is appropriate if economic conditions justify it, in particular in countries facing a liquidity trap that may lead to deflation.