Policies working, ECB must persist with purchase programs: Constancio

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"We have to persist in our policies as promised, given that these encouraging projections are predicated on the full implementation of our purchase programs until next year," Constancio said at a conference in Sitges, northeastern Spain.

He added that policy interventions always carried side-effects but that no "generalized overvaluations" in European markets had been identified.

(Reporting by Sarah White; Editing by Catherine Evans)