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In Lane's first council meeting last month, the ECB extended its asset-purchase programme by six months but the measures fell well short of the aggressive easing many investors had hoped for from ECB chief Mario Draghi, who has over-delivered in the past.
Debt investors on Thursday moved to price in a 50 percent chance of a further rate cut from the ECB at its March meeting as this week's Chinese market rout and sliding oil prices dimmed the outlook for inflation.
"By that point (December) there was plenty of evidence that QE was effective, that it was helping to increase credit growth in Europe, is helping to reduce lending rates in some countries," Lane said.
"But it's important to say that no door has been closed. If the data flow over the next number of months is that more needs to be done, more can be done," Lane said in his first remarks since becoming Irish Central Bank governor in November.
Regarding the turbulent start to Chinese markets in 2016, Lane said he believed there was a lot of policy space for the Chinese authorities to intervene in the transition to more of a consumption driven economy and the inevitable slowdown in an economy of its size.