ECB's Praet says it's too early to start discussing a reduction of bond buying

An executive board member of the European Central Bank (ECB) has told CNBC that it is too early for the central bank to start discussing a reduction in its bond-buying program.

When asked if central bank watchers could exclude a reduction of asset purchases this year, as most market participants believe, Peter Praet, chief economist at the ECB, said: " It is premature to have that question."

"We will have a Governing Council meeting to make that assessment. On the basis of today's information. We are not concluding in that direction," he said.

President Mario Draghi said in a speech on Thursday that the bank's loose monetary policy stance remained appropriate, given that there is not sufficient changes to the inflation outlook in the region.

Correction: This article has been altered to accurately reflect what Peter Praet, chief economist at the ECB, told CNBC.

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