Summary

  • Reconfirms its very accommodative policy stance (Change)
  • The interest rate on the main refinancing operations and the interest rates on the marginal lending facility and the deposit facility will remain unchanged at 0.00% t, 0.25% and -0.50% respectively. (No Change)
  • Continues the purchases under the pandemic emergency purchase programme (PEPP) with a total envelope of €1,850 billion (Change)
  • Conducts net asset purchases under the PEPP until at least the end of March 2022, in any case, until it judges that the coronavirus crisis phase is over. (Change)
  • The purchases under the PEPP will be conducted to preserve favourable financing conditions over the pandemic period. If favourable financing conditions can be maintained with asset purchase flows that do not exhaust the envelope over the net purchase horizon of the PEPP, the envelope need not be used in full. Equally, the envelope can be recalibrated if required to maintain favourable financing conditions to help counter the negative pandemic shock to the path of inflation. (Change)
  • Reinvests the principal payments from maturing securities purchased under the PEPP until at least the end of 2023. (No Change)
  • Net purchases under the asset purchase programme (APP) will continue at a monthly pace of €20 billion. The Governing Council continues to expect monthly net asset purchases under the APP to run for as long as necessary to reinforce the accommodative impact of its policy rates, and to end shortly before it starts raising the key ECB interest rates. (No Change)
  • Intends to continue reinvesting, in full, the principal payments from maturing securities purchased under the APP for an extended period of time past the date when it starts raising the key ECB interest rates, and in any case for as long as necessary to maintain favourable liquidity conditions and an ample degree of monetary accommodation. (No Change)
  • Will continue to provide ample liquidity through refinancing operations (No Change)

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