European Central Bank (ECB) Governing Council member Francois Villeroy de Galhau reiterated on Wednesday that the inflation spike in the euro area is expected to be temporary, per Reuters.

The ECB's monetary policy must be vigilant but they can also afford to stay patient, Villeroy further added.

Market reaction

The shared currency seems to be struggling to find demand in the early trading hours of the European session. As of writing, the EUR/USD pair was trading at 1.1620, losing 0.1% on a daily basis.