European Central Bank chief economist Philip Lane said noted on Monday that they don't expect the coronavirus Delta variant to be a major domestic problem for the euro area, as reported Reuters.

"The response to Delta has involved shutdowns in Asian suppliers, which is feeding back to Europe through supply," Lane further explained. 

Regarding the inflation outlook, Lane said 'mostly transitory' means inflation rise doesn't have much of a footprint in the medium-term outlook.

Market reaction

These remarks are having little to no impact on the euro's performance against its major rivals. As of writing, the EUR/USD pair was trading at 1.1567, where it was virtually unchanged on a daily basis.