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Lagarde On TLTROs And PEPP Reinvestments

ECB
Q: How did the discussion went with respect to TLTROs? Did you discuss an extension or TLTRO 4? How did you come to the decision to extend PEPP reinvestments until 2024? Is there a message that reinvestments are an important tool in your toolbox?
  • A: TLTRO has provide ample liquidity at attractive rates. Banks will continue to benefit from these attractive conditions. We will remain attentive and monitor those conditions going forward in order to make sure our monetary policy is transmitted properly through the banking system.
  • The PEPP reinvestment extension was considered appropriate to ensure flexibility and meet the 2% inflation target over the medium term.
  • Press conference ends

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