The German government respects the European Central Bank's (ECB) independence and will continue to defend it, German Chancellor Olaf Scholz said on Thursday, as reported by Reuters.

"The European Union must handle these difficult times in solidarity, this is something I explicitly commit to," Scholz told journalists. "I believe that, as the biggest country with the greatest economy and the largest population at the centre of Europe, we have a special task."

Market reaction

These comments don't seem to be having a noticeable impact on risk sentiment with Germany's DAX 30 Index trading flat on the day at 13,696.