Summary

  • A symmetric inflation target of two per cent over the medium term (New)
  • Expects the key ECB interest rates to remain at their present or lower levels until it sees inflation reaching two per cent well ahead of the end of its projection horizon and durably for the rest of the projection, and it judges that realised progress in underlying inflation is sufficiently advanced to be consistent with inflation stabilising at two per cent over the medium term. (New)
  • Implies a transitory period in which inflation is moderately above target (New)
  • Continues to expect purchases under the pandemic emergency purchase programme (PEPP) over the current quarter to be conducted at a significantly higher pace than during the first months of the year (New)
  • Continue to conduct net asset purchases under the PPPP with a total envelope of €1,850 billion until at least the end of March 2022 and, in any case, until it judges that the coronavirus crisis phase is over. (No 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% to 0.25% and -0.50% respectively. (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)
  • Reinvests the principal payments from maturing securities purchased under the PEPP until at least the end of 2023. (No Change)
  • Purchase flexibly according to market conditions and with a view to preventing a tightening of financing conditions that is inconsistent with countering the downward impact of the pandemic on the projected path of inflation. In addition, the flexibility of purchases over time, across asset classes and among jurisdictions will continue to support the smooth transmission of monetary policy. (No Change)
  • Will continue to provide ample liquidity through refinancing operations (No Change)
  • The Governing Council stands ready to adjust all of its instruments, as appropriate, to ensure that inflation stabilizes at its two per cent target over the medium term. (Change)

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