European Central Bank (ECB) chief economist Philip Lane said on Monday that there is an early stage of an energy shock in the eurozone and added that the trigger for a monetary policy is not there, as reported by Reuters.

"We need to be much less trigger happy, we need to wait for data," Lane further noted. "The medium-term inflation dynamic is too slow, not too fast."

Regarding the policy outlook, Lane explained that the ECB is in a recalibration mode and is not remotely in condition to taper.

Market reaction

The shared currency seems to be weakening modestly against its major rivals following these comments. The EUR/USD pair was last seen posting small daily losses at 1.1562.