European Central Bank (ECB) Governing Council member Yannis Stournaras said on Tuesday that he expects inflation to peak this year before starting gradually decline in 2023, as reported by Reuters.

Commenting on the economic outlook, Stournaras acknowledged that risks to growth are tilted to the downside. 

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, the EUR/USD pair was trading at 1.0020, where it was up 0.25% on a daily basis.