FRANKFURT, Oct 27 - European Central Bank Executive Board member Gertrude Tumpel-Gugerell said on Monday she saw the euro zone economy gradually improving but was awaiting more data. "We are seeing a gradual improvement in the expectations of future developments," Tumpel-Gugerell told journalists on the margins of a speech on the euro in central and eastern Europe. "We are awaiting the next developments... the propensity to invest and consume are the most important things," she also said adding that global imbalances still threatened the ECB's cautiously optimistic outlook.//www..com