European Central Bank governing council member Gabriel Makhlouf said on Wednesday that the central bank will not respond to a temporary shock in inflation.
Additional quotes
“ECB must be prepared to react if inflation is entrenched.”
“Economic outlook is optimistic.”
“But must be aware of the possibility that supply disruptions may keep persisting.”
Market reaction
The EUR/USD pair paid little heed to these comments and was last seen dropping 0.09% on the day at 1.1663.