Highlights from the ECB's Accounts of its.......>

ECB: Highlights from the ECB's Accounts of its June 4-5 meeting:

- "It was better to tackle the substantial downward shift in the inflation

outlook through a targeted and temporary programme (the PEPP), rather than a

recalibration of the existing policy package."

- "Once the pandemic shock to the inflation path had subsided, the monetary

stance could again be controlled by calibrating the Governing Council's

pre-crisis suite of policy instruments."

- "The PEPP and the APP were proportionate measures under the current conditions

for pursuing the price stability objective, with sufficient safeguards having

been built into the design of these programmes to limit potential adverse side

effects, including risks of fiscal dominance, and to address the monetary

financing prohibition."