European Central Bank (ECB) Vice President Luis de Guindos said on Monday that inflation risks in the euro area are tilted to the downside, as reported by Reuters. 

De Guindos added that the latest bank lending survey showed "certain stabilization" in the eurozone. "I think the disinflation process can continue" he noted and said that China doesn't worry them due to financial contagion but through indirect impact on growth.

Market reaction

These comments don't seem to be having a noticeable impact on the Euro's valuation against its major rivals. At the time of press, the EUR/USD pair was trading at 1.0820, where it was down 0.3% on a daily basis.