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A: The ECB felt that we are in a good place.....>

ECB
ECB: A: The ECB felt that we are in a good place. PEPP has been expanded at the
reinvestment policy refined, as well as there being a big takeup of TLTRO. The
ECB's experience with the tiering system has been very positive. It is working
as intended. It has encouraged additional borrowing and lending in the interbank
market, including across borders. The multiplier can be changed over time but at
the moment we don't see a reason to do so. This has not been discussed.

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