PARIS (Reuters) - The European Central Bank's exceptional monetary easing is the correct stance to fight low inflation and slack in the euro zone economy, ECB Governing Council member Ignazio Visco said on Thursday.

"The current low level of policy rates is the appropriate reaction to current conditions. It is not an arbitrary choice," the Bank of Italy governor said in Paris.

"A less accommodative stance, especially given the high public and private debt levels, ... could lead to a deflationary spiral," he said at the launch of the Organisation for Economic Co-operation and Development's Business and Finance Outlook, which raises concerns about easy monetary policy fuelling asset bubbles.

(Reporting by Leigh Thomas; Editing by James Regan)