ECB's Praet: Time has not yet come to tighten policy

ECB's Executive Board member Peter Praet is crossing the wires, via Reuters, arguing that the recovery in the Euro area is gaining momentum.

Key quotes (via Reuters):

• May be some upside risks on forecasts for euro area economy
• Sees 'upside risk' in very short term; longer term risks 'still tilted to downside'
• Sees high political uncertainty
• World economy doing better, recovering; still a number of worries
• Monetary policy has been extremely accommodative
• Eventual policy tightening will need to be done in very cautious way
• Time has not yet come to tighten policy
• Governing council concluded at last meeting time not yet come to tighten policy
• Not yet convincing signs of upward inflation pressure