BERLIN, Nov. 5 (Xinhua) -- The European Central Bank (ECB) calls for euro area governments to adopt "fiscal exit and consolidation strategies according to the economic status on Thursday.

    "The Governing Council of ECB calls upon governments to communicate and implement in a timely fashion ambitious fiscal exit and consolidation strategies based on realistic growth assumptions, with a strong focus on expenditure reforms," said Jean-Claude Trichet, president of the ECB, at the press conference to comment on key rate decisions.

    Without a clear and credible exit strategy, the sharply rising fiscal imbalances that many euro area governments faced at present could become serious risks for public confidence in the sustainability of public finances and the economic recovery, said Trichet.

    "The very large government borrowing requirements carry the risk of triggering rapid changes in market sentiment, leading to less favorable medium and long-term interest rates. This in turn would dampen private investment and thereby weaken the foundations for a return to sustained growth," said Trichet.

    Trichet also noted high public deficits and debts may complicate the task of the single monetary policy to maintain price stability.

    Trichet said ECB will also draw back some of the emergency liquidity measures introduced to fight the worst recession since World War II as "not all our liquidity measures will be needed to the same extent as in the past."

    ECB maintains its key rate at 1.00 percent on Thursday, "on the basis of its regular economic and monetary analyses."