Policies working, ECB must persist with purchase programs: Constancio

"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)