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ECB

A: The GC discussed the appreciation of the euro. But, the ECB does not target the exchange rate. To the extent that the appreciation exercises negative pressure on prices, the movement needs to be monitored. On the second question, the GC always looks at how effective and efficient the policies are. GC acknowledges that the purchase programmes have been effective and efficient. It was decided to maintain the existing accommodative monetary policy. It is likely that the full enveloped of PEPP will be used.

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