ECB president sees signs of improvement

BASEL, Switzerland, May 12 (UPI) -- European Central Bank President Jean-Claude Trichet said there were definitive signs of improvement in the European economy.

At a news conference in Switzerland, Trichet said, "we are still in uncharted waters." But he also told reporters, "we are, as far as growth is concerned, around the inflection point in the cycle," the EU Observer reported Tuesday.

"There has been a substantial improvement in the markets since mid-September. But we have to remain very alert," he said.

Along with Trichet's remarks, the Organization for Economic Cooperation and Development said Monday that Italy, France, Britain and China had reached an "economic trough," which put them categorically ahead of other countries, where leading indicators still point downward.

The OECD said cautiously that the four countries showed "signs of a pause" in economic declines.