The European Central Bank's monetary policy accommodation is still warranted given the weak growth and low inflation, ECB Governing Council member and Bundesbank President, Jens Weidmann, told a financial conference in Frankfurt on Friday.

"Monetary policy cannot be complacent if its policy stance raises long-term risks to price stability through the build-up of financial imbalances," Weidmann added, per Reuters. "We should not be over-confident about the role macroprudential policy can play in addressing systemic risks. This policy approach is still in its infancy."

The EUR/USD pair's reaction to these remarks was muted and the pair was last seen trading at 1.1058, where it was virtually unchanged on a daily basis.