European Central Bank (ECB) Executive Board Member Frank Elderson said on Thursday that the latest analysis confirms that the present circumstances represent new headwinds to growth in the euro area, as reported by Reuters.

Additional takeaways

"Outlook that prevailed before the Russian invasion was quite favourable."

"Our commitment to medium-term price stability is unwavering."

"We are not yet observing stronger second-round effects than projected."

"Financial volatility has so far not caused severe strains in money markets or liquidity shortages in the euro area banking system."

"We stand ready to adjust our instruments."

Market reaction

The shared currency struggles to find demand on Thursday and EUR/USD pair was last seen losing 0.12% on the day at 1.0990.