Dallas Fed President Richard Fisher, a top Federal Reserve official, said on Thursday the U.S. Federal Reserve would tighten monetary policy when needed but "we are not there yet."

Fisher, a critic of easy Fed policy, also said he would also like the Fed to define how far it is willing to go with its monetary stimulus.

"I personally advocate that we do it sooner," he told reporters after giving a lecture in Frankfurt.

(Reporting by Eva Kuehnen and Paul Carrel)