His words, intended to temper expectations of any policy move by the central bank in June, weighed on the euro and seen European bond yields tick higher. The common currency earlier on Tuesday hit a more than one-week low of $1.111 against the dollar, although has since recovered to around $1.117. The euro shot higher Tuesday afternoon on a report by Reuters that said, citing unnamed sources, that ECB policymakers could discuss dropping its pledges to increase stimulus during their regular meeting next week.

These price movements come as the ECB’s official stance on dovish, ultra-loose monetary policy comes under increasingly heavy criticism. Jens Weidmann, Germany’s representative on the ECB’s Governing Council and president of the Bundesbank, said the current expansive monetary policy is “appropriate in principle” but also asked when the central bank would start to normalize.

“As a result of the economic recovery and a predicted inflation rate of almost 2 percent in 2019, it is quite legitimate to ask when the Governing Council should consider monetary policy normalization,” he said in Berlin on Monday, according to Reuters.

Meanwhile, JPMorgan’s Gartside, highlights that Draghi’s dovish comments are starting to look a little bit odd, but underlines a potential reason for his stance.

“Maybe the ECB are very wary of doing a 2011, and remember that was the year when they hiked rates in April, hiked rates in July, to cut them by the end of the year,” he told CNBC.