ECB making 'substantial' inflation progress

FRANKFURT (Reuters) - The European Central Bank has made "substantial" progress in lifting inflation but its work is not yet done and requires patience from policymakers, ECB Chief Economist Peter Praet said on Thursday.

The euro zone's recent slowdown has come sooner than expected and factors holding down growth may persist in the near term, but the bloc's expansion remains broad-based and solid, Praet said in Paris.

"We cannot yet declare 'mission accomplished' on the inflation front, but we have made substantial progress on the path towards a sustained adjustment in inflation," Praet said.

(Reporting by Balazs Koranyi; Editing by Gareth Jones)