Fed's Fischer: Fed has identified a few areas of concern regarding financial stability

Stanley Fischer, vice chairman of the Federal Reserve.
Andrew Harrer | Bloomberg | Getty Images
Stanley Fischer, vice chairman of the Federal Reserve.

Federal Reserve Vice Chair Stanley Fischer said the central bank had identified a few areas of concern regarding economic stability, Dow Jones reported.

Speaking at the Brookings Institution in Washington Thursday, Fischer said the Fed plans to evaluate the U.S. dollar's strength in terms of effects on aggregate demand.

The Fed recently cut its growth outlook due to the higher dollar, as a number of committee participants fear a rising dollar could hurt U.S. exports, slow inflation, and harm U.S. competitiveness.

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Turning to the global economy, Fischer said the European Central Bank's move to implement greater emphasis on fiscal stimulus over austerity was "undoubtedly correct."

International Monetary Fund (IMF) Managing Director Christine Lagarde speaks at Georgetown University in Washington, on October 2, 2014.
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In a keynote speech at the same event, ECB President Mario Draghi said he expects bank lending to pick up early next year.

Fischer was sworn in as vice chairman of the Federal Reserve's board in June and was tapped to lead the central bank's new financial stability committee in September.

During a Senate hearing earlier this year, Fischer broadly endorsed the Fed's current direction, and indicated he felt there was still ample room—as Fed Chair Janet Yellen has suggested—to maintain loose monetary policy to boost employment.

Fischer headed the Bank of Israel for eight years and was credited with guiding the country through the global financial crisis in 2008.

He also served as an executive at Citigroup and as the No. 2 official at the International Monetary Fund, where he helped lead the effort to combat Asia's financial crisis in the 1990s.

Reuters contributed to this report.