BANCA MONTE DEI PASCHI DI SIENA SPA 
The ECB left rates unchanged on Thursday and ECB President Mario Draghi had left the door open to more policy stimulus pending data releases in September.
"A decision will have to be made in the fourth quarter of 2016 which signals to give the markets about the further development of the (asset) buying programme," Nowotny told Austria's APA news agency.
APA paraphrased Nowotny as saying that the example of the United States showed that such quantitative easing programmes could not be stopped abruptly.
"It is too early to say now whether it will be a gradual reduction (in the euro area)," Nowotny said.
Nowotny added that before Britain voted to leave the European Union on June 23, he had expected such a gradual reduction, but now there were more uncertainties, according to APA.
(Reporting By Shadia Nasralla; editing by John Stonestreet)
