- The pandemic emergency purchase programme (PEPP) will be increased by €600 billion, to a total of €1,350 billion. (new)
- The PEPP expansion will further ease the general monetary policy stance, supporting funding conditions in the real economy, especially for businesses and households. (new)
- Net asset purchases under the PEPP will be extended to at least the end of June 2021, or until it judges that the coronavirus crisis phase is over. (new)
- The maturing principal payments from securities purchased under the PEPP will be reinvested until at least the end of 2022. (new)
- Net purchases under the asset purchase programme (APP) will continue at a monthly pace of €20 billion, together with the purchases under the additional €120 billion temporary envelope until the end of the year. (unchanged)
- The Governing Council continues to stand 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. (unchanged)
- Reinvestments of the principal payments from maturing securities purchased under the APP will continue, in full, for an extended period of time past the date when the Governing Council starts raising the key ECB interest rates. (unchanged)
- 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%, 0.25% and -0.50% respectively. The Governing Council expects the key ECB interest rates to remain at their present or lower levels until it has seen the inflation outlook robustly converge to a level sufficiently close to, but below, 2% within its projection horizon. (unchanged)
Please click here for a comparison of the prepared press release from the June 4th meeting as compared to the April 30, 2020, release.