ECB Governing Council Member Ewald Nowotny, in an interview with Swiss financial website Cash.ch, said he is concerned over expectations for March ECB meeting, adding that serious discussion at ECB regarding March meeting are underway. Reuters reports on the interview, citing Nowotny, who said: "Developments in Brazil, Russia and China are not only leading to a dimming of the overall economic situation but also spurring investors in emerging markets - in particular state funds - to sell." Nowotny emphasized the importance of liquidity, noting: "That underscores why measures of the European Central Bank in this phase are of such importance; because the ECB is a certain guarantor that appropriate liquidity backups are possible for banks, at least those in the euro zone." With regards to the ECB March meeting, Nowotny adds: "In December in the midst of visits to London I was confronted with almost ludicrous considerations that were divorced from reality. Now, this is not the case. We're having relatively serious discussions. There is still time until March, however, so it's important that we don't get lost in 'mind games' that are simply institutionally and technically impossible." For more information, read our latest forex news.