European Central Bank (ECB) executive board member Fabio Panetta said on Tuesday that they may have to adjust the monetary policy further, as reported by Reuters.

Panetta acknowledged that the probability of a recession in the eurozone was increasing and added that a recession would mitigate inflation pressures.

Market reaction

These comments don't seem to be having a noticeable impact on the shared currency's performance against its major rivals. As of writing, EUR/USD was trading at 0.9922, where it was down 0.2% on a daily basis.