The additional quantitative easing by the European Central Bank is likely to have limited impact on the South Korean financial market as the measure has mostly been priced in, the central bank chief said Friday.

"The ECB's measure was already factored in the market," Bank of Korea Gov. Lee Ju-yeol said in a financial consultative meeting with local bank heads.

"It could have caused a shock if the move diverged from expectation, but it was mostly in line with expectation," said Lee, adding the central bank will continue to look into the situation in a more comprehensive view.

In an overnight announcement, the ECB said it will spend 60 billion euros a month to buy assets, including sovereign and private-sector bonds, amid mounting concern over stagnant growth and deflationary woes in the 19-nation eurozone.

The finance ministry said it is preparing for all eventualities, although it said Europe's economic recovery with the help of the latest stimulus program can benefit South Korea as well.

"The ECB's moves aim to overcome the current situation," a senior ministry official said.

If more euros are released into the market, leading to the depreciation of the common currency vis-a-vis the U.S. dollar, such a development can help South Korean companies with manufacturing plants on the continent, he said.

The BOK chief said the risk is in contrasting monetary policies by leading countries, which can lead to more volatility in the international financial markets.

Moves by the Swiss and Danish central banks to lower interest rates and a decision by Brazil to raise them are examples of different policy moves, Lee said.

"Each central bank is implementing actions that best benefits their respective country's needs," he said, pointing out that these developments are fueling risks in the global financial markets already on edge from sharp falls in crude oil prices.

There is a possibility of sudden changes in the future in the movements of capital, shifts in foreign exchange and interest rates, Lee said. (Yonhap)