European Central Bank (ECB) President Christine Lagarde said on Wednesday that the incoming data support the ECB's view on the inflation outlook and noted that they will conclude the Asset Purchase Programme (APP) in the third quarter as planned.

Key takeaways via Reuters

"Ukraine conflict is starting to drain confidence."

"Households are becoming more pessimistic and could cut back on spending."

"Business investment is likely to be affected."

"The longer the war lasts, the higher the economic costs will be and the greater the likelihood we end up in more adverse scenarios."

"Europe needs a plan to ensure that the necessary investment comes online as quickly and smoothly as possible."

"In the context of the ongoing conflict, we will take whatever action is needed."

Market reaction

These comments don't seem to be having a noticeable impact on the shared currency's performance against its rivals. As of writing, the EUR/USD pair was up 0.4% on the day at 1.1128.