"With inflation rising sharply, there has been good reason to expedite the normalisation of monetary policy," European Central Bank Governing Council member Olli Rehn said on Tuesday, as reported by Reuters.

"The impacts of Russia's brutal war are being felt around the world and people are having to pay higher prices for energy and food," Rehn added.

Market reaction

The shared currency continues to gather strength following these comments. As of writing, the EUR/USD pair was trading at 1.0570, where it was up 0.57% on a daily basis.