Paul Fisher, markets director at the financial institution, believes the $120 billion injection into its asset purchasing budget voted for by the Monetary Policy Committee (MPC) earlier this month (6 October) was needed.
In an interview with Bloomberg, Mr Fisher explained that there was "sufficient downward momentum" to warrant such a figure, as, without such action, the ailing economy could have deteriorated further.
"Even if we get a silver bullet solution to Europe, I still thought we needed to do something like that to head off the risk of a slowdown," he added.
However, the policymaker went on to say that this measure might not be enough to prevent some further economic contraction in the fourth quarter of the year.
Recently, Mr Fisher's colleague Andrew Haldane called for reform in the way UK bankers are paid.
By Asim Shah