ECB's Noyer says QE 'well calibrated'

PARIS (Reuters) - The European Central Bank's quantitative easing program is well calibrated and does not need to be adjusted, ECB governing council member Christian Noyer said on Monday.

"It's well calibrated, it's already bearing fruits," Noyer, who is also Bank of France Governor, told BFM Business TV.

"I think we're stepping hard enough on the accelerator. The machine is reacting well. For me, the tuning is right," he said.

Euro money market traders do not expect the ECB to modify its asset-buying program at its meeting this week, a Reuters poll showed on Monday.

The ECB started buying 60 billion euros ($68 billion) of assets every month in March to stave off deflation.

Noyer will be replaced at the head of the Bank of France by former BNP Paribas executive Francois Villeroy de Galhau at the end of the month.

($1 = 0.8832 euros)

(Reporting by Michel Rose; Editing by Ingrid Melander)

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