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The overhaul of management of public finances of states is needed to reduce threats to financial stability and the real economy, said Monday the governor of the Bank of France.

At a conference, Christian Noyer, a member of the Board of Governors of the European Central Bank, said that the measures taken by the ECB, in particular the purchase of sovereign debt, fulfill this dual goal, but they not sufficient alone.

Among the symptoms that the ECB decided to act, he cited the rise in risk premiums on certain sovereign debt, disruptions in the interbank market and the repo and the increasing difficulty of financing for some banks.

"This reflects a general state of uncertainty, if replies are not made, can have significant consequences for financial stability and the real economy as was the case in the latter part of 2008," Christian Noyer said.

Measurements of the ECB "fulfill their role," he said.

"It is clear however that these measures alone will not suffice," he said."Doubts about the sustainability (" sustainability ") of public finances in many countries are at the root of the current uncertainty."

"Thus, a condition that the market tensions subside is that fiscal discipline is implemented rigorously," he added.

The Acquisition Program sovereign debt by the ECB, "can not and will not be a substitute for effective and rapid fiscal consolidation," he said.

Christian Noyer said on the other hand that at no time during the crisis, inflation expectations had deviated significantly from the ECB's definition of price stability, which is near and slightly below 2%.

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