ECB's Stournaras: Monetary policy can afford to be gradual

European Central Bank Governing Council member Yannis Stournaras reiterated on Monday that they must remain focused on medium-term inflation objectives.

Stournaras further added that the monetary policy could afford to be gradual.

Market reaction

The shared currency holds its ground early Monday. As of writing, the EUR/USD pair was up 0.23% on a daily basis at 1.0522. Meanwhile, the Euro Stoxx 600 Index opened virtually unchanged on the day at 403.50. Later in the session, ECB President Christine Lagarde will testify before the Committee on Economic and Monetary Affairs of the European Parliament.