European Central Bank Governing Council member Madis Muller shared in a statement on Friday that "more fragmented" economic relations could lead to higher prices.

"Even if Europe remains on the sidelines in the escalating trade war between the United States and China, we can see how trade restrictions lead to supply chain problems and therefore certain goods become more expensive," he explained. The ECB policymaker noted that the unpredictable trade policies are affecting both the Eurozone's economy and the interest rate decisions.

While he mentioned that it is becoming more challenging to predict the euro area's near-term growth, as long as the European Union refrains from imposing additional tariffs on the US, "there is less pressure for price increases to accelerate."