European Central Bank (ECB) Governing Council member Ignazio Visco said on Thursday that supply bottlenecks are starting to weigh on the Italian economy and added that they could last for longer than expected, per Reuters.

Additional takeaways

"Household and business bank deposits have increased by more than 200 billion euros, will decrease as consumption resumes."

"European Union should consider joint management of at least the last two years of countries' debt, with sink fund to purchase national bond offers."

"Pandemic showed limits of the European Union without a common budgetary capacity."

"Public debt crucial to counter the crisis but cannot be used to finance current expenditure."

Market reaction

The shared currency remains on the back foot after these comments and the EUR/USD pair was last seen losing 0.1% on the day at 1.1640.