In an interview with the Irish Independent, European Central Bank (ECB) governing council member Gabriel Makhlouf said that he is comfortable with the ECB's current policy stance.

Mahklouf further noted that he would support a policy action "earlier rather than later" if there was evidence of the short-term inflation spike becoming more persistent.

Market reaction

These remarks don't seem to be having a significant impact on the shared currency's performance against its major rivals. As of writing, the EUR/USD pair was posting small daily gains at 1.1559.