VIENNA, June 15 (Reuters) - The financial crisis has shown that policymakers should pay more attention to asset prices to avoid severe economic consequences, European Central Bank Executive Board Member Gertrude Tumpel-Gugerell said on Monday. "Monetary policy-makers should try to mitigate the risk of the build-up of financial bubbles by being aware of the effects their policy decisions can have on the financial system," she said in remarks prepared for a speech in Vienna.
"Therefore, one could argue that asset prices should play a greater role in monetary policy considerations," she said.
She added that the ECB has acted in a decisive manner since the start of the crisis and that its rate cuts and liquidity measures have had a "significant" impact on money market interest rates.
She also said inflationary pressures have declined "in line with the substantial weakening of global demand and economic activity." (Reporting by Sylvia Westall; Editing by Toby Chopra)