ECB's Lane: Current policy instruments are working

European Central Bank (ECB) chief economist Philip Lane said on Wednesday that he is happy that the accommodative monetary policy is helping to build core inflation in the euro area, as reported by Reuters.

Lane reiterated that the current policy instruments are working. "It’s not a good idea to identify the monetary policy stance with the volume of asset purchases because the mappings from the volume of asset purchase to the monetary policy stance essentially goes through the yield curve," he further explained. 

Market reaction

The EUR/USD pair showed no immediate reaction to these remarks and it was last seen posting small daily gains at 1.1812.