“Inflation is going up in Eurozone but remains below our target,” the European Central Bank (ECB) Governing Council member and Bank of France Head Francois Villeroy de Galhau said in an interview with Radio Classique on Friday.

Additional quotes

“No need to change a monetary policy which is working.”

“Need to continue with accommodative monetary policy.”

“Inflation situation in Europe different to that of the US.”

His comments come after the ECB raised its growth and inflation projections but pledged a steady flow of stimulus over the summer.

Market reaction

The ECB policymaker continues downplaying inflation concerns, offering little to no impetus to the shared currency.

The spot was last seen trading at 1.2189, up 0.19% on the day, awaiting US Consumer Sentiment data.