European Central Bank Governing Council member and Bundesbank President Ernst Welteke said on CNN Television that inflation is easing in the euro area and the impact of the US slowdown must be watched closely, but it is too early for the ECB to consider an interest rate cut. "We still feel is it not yet the time to reduce interest rates," he said. "Of course we will watch closely what goes on in the US...but we are optimistic there will be strong growth in the euro-zone this year."