Summary

  • 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. Interest rates shall remain at their present or lower levels until the ECB has seen the inflation outlook robustly converge to a level sufficiently close to, but below, 2% within its projection horizon, and such convergence has been consistently reflected in underlying inflation dynamics. (No Change)
  • Continues the purchases under the pandemic emergency purchase programme (PEPP) with a total envelope of €1,850 billion and at a significantly higher pace than during the first months of this year (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. And expect to be conducted at a significantly higher pace than during the first months of this year.   (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)
  • 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)
  • Stands ready to adjust all of its instruments, as appropriate, to ensure that inflation moves towards its aim in a sustained manner, in line with its commitment to symmetry. (No Change)

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