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Lagarde: I Envisage PEPP Ending In March 2022

ECB

Q: What are the preconditions for the ECB to return to some sort of normality where interest rates are going up and bond purchases are reduced or even stopped? According to some recent research, some GC members focus on fiscal policy and this could influence their decision making process. Can you comment on this?

  • A: We are committed to deliver the price stability which forms our mission under the European treaties. We have defined it very specifically by indicating that price stability is defined by the symmetric 2% target over the medium term.
  • I am not sure what are 'normal policies'. We have the traditional tools and following the financial crisis, EZ debt crisis we had to explore new tools. One of these programmes is PEPP and I envisage it coming to an end in March 2022.
  • We are also bound by our forward guidance.
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