"It's very difficult to have financial stability without price stability," European Central Bank (ECB) Vice President Luis de Guindos said on Wednesday, as reported by Reuters.

"I think that the main risk now for financial stability, for growth, is to have inflation at very high levels," de Guindos added and noted that they will start with a passive quantitative tightening.

Market reaction

The Euro (EUR) preserves its strength following these comments and EURUSD was last seen gaining 0.6% on the day at 1.0412.