VIENNA (REUTERS) - The time has not yet come for central banks to start unwinding massive intervention they launched to prop up weak economies, European Central Bank (ECB) Governing Council member Ewald Nowotny said on Thursday.

Central banks always need to be ready to rein in the extraordinary support they provide if warranted, he told a news conference, but added: "In my view this is not yet the case at the moment."

"I think the policy followed by the ECB as well as for instance the Fed in the United States is appropriate for the current economic situation but of course always with the perspective that one has to adjust to further developments."