FRANKFURT (MNI) - Given improved conditions in financial markets, European Central Bank liquidity support measures will not be needed to the same extent as in the past, ECB Governing Council member Ewald Nowotny was cited as saying on Wednesday.

The central bank will therefore "ensure that the non-standard measures will be phased-out and liquidity drained so as to effectively counter any medium- and long-term price stability risks," a release form the Austrian Parliament cited Nowotny as saying.

Nowotny is the governor of the Austrian National Bank.

The summary of Nowotny's remarks to the parliamentary finance committee in Vienna also said that for 2010 he expects inflation rates to be "compatible" with the central bank's price stability target.

Risks to medium-term price stability are also "small and manageable" as excess liquidity could be quickly drained by the ECB, Nowotny was reported to have said.

According to the summary, Nowotny also called for "comprehensive and credible" exit strategies for government stimulus spending so as to ensure a quick reduction of high deficits once the crisis is over.

While noting an improved growth outlook, Nowotny cautioned parliamentarians that, given the low growth levels expected, the recovery cannot be described as self-sustaining.