Central Banks

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

Euro zone economy not at escape velocity: ECB’s Praet

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.

Cycle evolving in the right direction: ECB’s Praet

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

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