Lane interview highlights (1/2)

ECB Executive Board member Philip Lane was interview by Reuters, the following are the key takeaways:

• "The fact that the second quarter came in above what we expected and what the third and fourth quarters might look like -- I would say we're broadly not too far away from what we expected in June for the full year. It's a reasonably well-balanced picture."
• Lane did not want to commit to any changes in the purchase pace, noting that "September is very far away, even from the earliest conclusion date of PEPP, which is next March. Our commitment to maintaining favourable financing conditions throughout the pandemic crisis phase means that the purchase decision should be viewed as an implementation issue. It's subordinated to the deeper commitment, which is favourable financing conditions."
• On announcing what will happen to policy when PEPP ends: "We also know the autumn and the winter will give us further information on what happens to the pandemic, so we should use the autumn to think about these issues."