European Central Bank (ECB) Governing Council Member Fabio Panetta argued on Thursday that monetary conditions in the Eurozone remain restrictive, adding that rates need to come down, per Reuters.

"With the decline in inflation, we need to pay attention to the weakness of the real economy," Panetta said and noted that the ECB must avoid the risk of pushing inflation well below the target.

Market reaction

These comments failed to trigger a noticeable market reaction. At the time of press, EUR/USD was trading at 1.0865, rising 0.1% on a daily basis.