VIENNA, Oct 22 (Reuters) - The European Central Bank has acted in a wise manner in terms of monetary policy, ECB Governing Council member Ewald Nowotny was quoted on Wednesday as saying.

"The policy of the ECB so far has been very wise," he said in an interview with Austrian newspaper Falter, when asked whether he expected more euro zone interest rate cuts.

Nowotny said he expected financial markets to stabilise due to recent coordinated action by central banks. "There can still be further throwbacks, but I think the turning point has been reached," he said.

He added that credit rating agencies must be trusted by markets and that it was unclear whether a complete overhaul of the ratings system was needed.

(Reporting by Sylvia Westall; editing by David Stamp) Keywords: ECB/NOWOTNY

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