Below are key highlights from the statement by Christine Lagarde, President of the European Central Bank, for delivery at the forty-fifth meeting of the International Monetary and Financial Committee.

"The economy is reopening, the labour market continues to improve, the high levels of savings accumulated during the pandemic can be used to partly cushion the energy price shock, and ample policy support remains in place."

"Inflation will be higher if the prices of energy and other commodities increase further and new supply bottlenecks arise."

"We continue to carefully monitor risks to the inflation outlook."

"Our monetary policy will depend on the incoming data and our evolving assessment of the outlook."

"In the current conditions of high uncertainty, we will maintain optionality, gradualism and flexibility in the conduct of monetary policy."

Market reaction

These comments don't seem to be having a significant impact on the shared currency's performance against its major rivals. As of writing, EUR/USD was up 0.5% on the day at 1.0905.