Bank would boost consumption if rebalancing stalls - Weale

DONCASTER, England (Reuters) - The Bank of England would need to take measures to boost consumption should the rebalancing of the economy stall, Bank policymaker Martin Weale said on Thursday.

"It's fair to say that the (Bank's Monetary Policy) Committee is relying on a substantial degree of rebalancing as a means of restoring economic growth," he said in a question and answer session at a business event in Doncaster.

Should this not happen the Bank would have to take measures that supported consumption, he said. The MPC had to be ready to do what it can if the British economy required more support, he added.

Weale struck a cautious note of optimism on the euro zone crisis, which he had called in his speech the major threat to the outlook for Britain's economy.

"Looking at recent developments in the euro area, one can imagine some ways in which the situation has stabilised," he said.

(Reporting by Matt Falloon, writing by Sven Egenter)