Vlieghe said in a speech published by the BoE that there was a risk of lasting job market weakness hurting wages and prices.
"In such a scenario, I judge more monetary stimulus would be appropriate, and I would favour a negative Bank Rate as the tool to implement the stimulus," he said.
The number of full-time, permanent jobs grew 0.2% in January versus a year ago but the number of entrepreneurial jobs dropped almost 11%, showing uneven nature of the pain inflicted on the labour market.
The unemployment rate has seen a similar trajectory, shooting up to 14.7 percent in April but declining in subsequent months to its current 6.7 percent.
Job vacancies, retail sales, home building and house prices have all indicated a brisk recovery is underway, seemingly lessening the need for more monetary stimulus.
Domestically, the economy had bounced back strongly in the third quarter, after a record tumble in the second, and further growth was expected in the current quarter.
He said he was "cautiously hopeful" that the two parties could reach agreement on aid to support the economy until COVID-19 vaccines are widely available.