ECB economic support program appears successful: OeNB governor

The current positive economic growth trends in Austria and the wider eurozone are in large part due to successful emergency measures implemented by the European Central Bank (ECB), an Austrian member of its governing council claimed Monday.

Ewald Nowotny, also governor of the National Bank of Austria (OeNB) said at a press conference in Vienna that the dynamics of the ECB's bond buyback program are continuing to move in the right direction, and it will continue as planned until September 2016.

The ECB had responded to a weak economic outlook with the program, also referred to as the "asset purchase program," which Nowotny said has already demonstrated to have supported the economy, and will allow the Austrian and European economies to continue to develop positively.

"The economic downturn is over, the risk of deflation has been overcome, and the emergency measures of the ECB appear successful, " Nowotny said, adding it is important the program "is not ended prematurely."

The Austrian central bank governor said the decline in oil prices has also had a positive effect on the economic situation in the eurozone.