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Nowotny also told the Wall Street Journal that the central bank had only limited room for specific actions to help the economy,parajumpers oslo, pouring cold water on hopes of an interest rate cut coming soon.
"I do not see an outright recession risk in Europe. But it is quite obvious that we have a slowdown,parajumpers jakker," Nowotny, who also heads the Austrian National Bank, told the daily in an interview.
"What for me is disturbing is that we also have some rather weaker growth forecasts for Germany, which has been really the motor of the European economy."
He also indicated the ECB was not rushing to cut interest rates after having raised them twice this year,parajumpers jakker, which has made it the first major central bank to raise rates after the great recession. Its main interest rate is now at 1.5 percent.
"I do not think there are many possibilities for further specific actions, but of course the ECB has to look at the general picture particularly with regard to the stability of the financial sector,parajumpers jakke," he said,parajumpers 2013, and added monetary policy should be conducted with a steady-hand approach.
Money markets see a chance of the ECB cutting interest rates as soon as next month.
Nowotny also said politicians should not expect the central bank to solve the sovereign debt crisis, which has seen three peripheral euro zone economies resort to EU/IMF-led rescue packages.
The IMF also said on Tuesday Europe's leaders were failing to act decisively enough to resolve the crisis.
Turning to the state of the banking system in the common currency bloc, Nowotny rejected arguments that banks were suffering from limited liquidity.
"There have been discussions of liquidity problems, but this is totally misleading,moncler oslo," he said. "There is an ample supply of liquidity."
Fears over a Greek default and an eventual spread of the euro zone debt crisis -- with Italy the latest nation to have been hit with a credit-rating downgrade by Standard & Poor's -- have roiled European bank shares in recent months, with French banks being particularly hit.
(Reporting by Sakari Suoninen)