Accounts: PEPP has ceiling not target, but ECB expects to use full envelope

Regarding the PEPP, the ECB Accounts state: "The argument was also made that the flexibility of the PEPP suggested that the net purchase envelope should be considered a ceiling rather than a target. The point was made that incoming data had surprised on the upside and some of the downside risks surrounding the outlook prevailing at the time of the Governing Council's June monetary policy meeting had receded, increasing the possibility that the envelope might not have to be deployed fully....under the baseline scenario in the June Eurosystem staff macroeconomic projections, and in the absence of any significant upside surprises to the medium-term inflation outlook, the current presumption was that the PEPP envelope would have to be used in full."