European Central Bank's Draghi cautiously upbeat on eurozone

A woman carries bags as she leaves the Athens's central fish market as workers take a break, in Athens, Wednesday, May 10, 2017. Greece has been surviving on bailout loans since 2010 in return for harsh spending cuts and tax increases that have put nearly a quarter of the workforce out of work and seen more than a third of the population living or at risk of poverty. (AP Photo/Petros Giannakouris) (The Associated Press)

FRANKFURT, Germany – The head of the European Central Bank says risks to the strengthening recovery in the 19-country eurozone have fallen — but insisted it's too early to declare victory and start withdrawing the bank's stimulus measures.

Mario Draghi said recent data confirm that the rebound "is becoming increasingly solid and that downside risks have further diminished."

He added that "nevertheless, it is too early to declare success" and stressed that the bank's improved forecasts assume the full implementation of its stimulus measures. The bank says it will continue pumping 60 billion euros ($66 billion) a month in newly printed money into the economy through the end of the year, and beyond if necessary.

Analysts expect the ECB to signal a withdrawal later this year and taper the purchases in 2018.