Home » ECB, Lagarde: ‘we have not discussed any gradual exit from PEPP today, it is premature’

ECB, Lagarde: ‘we have not discussed any gradual exit from PEPP today, it is premature’

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“We have not discussed any gradual exit from the PEPP today, it is premature.” This is what Christine Lagarde, number one of the ECB, said in the press conference following the announcement of rates by the ECB.

Lagarde noted that the decision to increase the speed of PEPP purchases, announced in March, compared to the first two months of 2021, was taken in order to “preserve favorable financing conditions”.

“The numbers that count in evaluating PEPP purchases are not the weekly ones, but the monthly ones”, the ECB number one also recalled.

As expected, the ECB today confirmed the interest rates on main refinancing operations, marginal lending operations and deposits with the central bank at 0.00%, 0.25% and -0.50% respectively. .

The Governing Council expects the key ECB interest rates to remain at or below current levels until it sees inflation prospects firmly converging to a level sufficiently close to but below 2% in its projection horizon and that convergence will not be reflected consistently in underlying inflation dynamics.

The Governing Council will continue to conduct net asset purchases under the pandemic emergency purchase program (PEPP), with a total budget of € 1,850 billion, at least until the end of March 2022 and, in any case, until the critical phase linked to the coronavirus is considered over.

See also  Wednesday 28 September webinair on conditionality in cohesion policies and respect for the rule of law

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