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The European Central Bank’s (ECB) policy measures are having the desired effect, Isabel Schnabel, member of the Executive Board of the ECB, said on Friday. “Sometimes it takes time for measures to work,” Schnabel further added.

Earlier in the day, ECB chief economist Philip Lane said that the ECB’s policy has to remain very accommodative amid a lack of monetary momentum in the inflation dynamic.

Market reaction

The EUR/USD pair largely ignored these comments and was last seen gaining 0.32% on a daily basis at 1.1852.