The European Central Bank's monetary policy will stay loose for an extended period of time as Europe's recovery lags behind the U.S., the vice-president of the European Central Bank told CNBC on Friday.
"The recovery in Europe is lagging behind what is happening in the U.S.,which means there is justification for a longer period of time than in the U.S.for monetary policy to stay accommodative," Vitor Constancio told CNBC on Friday. "Meaning rates [will remain] at the current or lower level for an extended period of time but we cannot put a date on that."
The ECB's unprecedented step to provide forward guidance on interest rates last week had been successful in stabilizing financial markets, Constancio added, but it would be unadvisable to make specific comments on the time frame for rate moves, he told CNBC in Singapore.
(Read More: 'Semi-Rude' Draghi, 'Jump the Gun' Carney Criticized)