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Lagarde: There Is No "Normal" Pace Of PEPP Purchases

ECB

Q: Why was the phasing out of PEPP not discussed? Was the example of the Bank of Canada tapering asset purchases this week bought up in the discussion?

  • A: The matter of phasing out of PEPP was not discussed. We have a long way to go before we cross the bridge of the pandemic. The economies of the euro area have to be on solid and sustainable ground in order to walk on a self sustained basis.
  • Re Bank of Canada: We look at what other central banks around the world are doing.
Q: Is the Q2 growth forecast still in play? What would take for PEPP pace to return to normal in the third quarter?
  • A: Incoming data confirms the projections from March.
  • I don't know what the normal pace of PEPP purchase is. We decided to commit to favourable financing conditions in September. There is no normal pace of purchase.
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