European Central Bank (ECB) policymaker Bostjan Vasle said on Wednesday that the time was right for them to move the ECB's monetary policy out of the crisis mode and start the process of gradual normalisation, as reported by Reuters.

"With the return of economic activity to the pre-crisis level, looming labour shortages and in part structural pressures on energy prices, our monetary policy needs to start rebuilding its space to be ready to respond to the next business cycle," Vasle explained.

Market reaction

The EUR/USD pair showed no immediate reaction to these remarks and was last seen trading in the positive territory near 1.1350.