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With the European Central Bank's Governing Council set to reassess the pace of PEPP purchases at next month's meeting, Executive Board member Isabel Schnabel has stressed that the "whole concept of PEPP is inconsistent with the idea that there will be a mechanical tapering of asset purchases," and could instead be linked more explicitly to financing conditions.
In an interview published Friday, Schnabel expressed scepticism towards elements of average inflation targeting, and said the case for transferring PEPP's flexibility into the APP -- in terms of the pace and jurisdiction of asset purchases -- would have to be assessed very carefully as part of the ongoing strategy review.
Europe's short-term outlook has brightened, despite large parts of the economy remaining in a state of emergency, she said, with inflation projections still the main yardstick against which the ECB will measure when that emergency is over, noting premature withdrawal fiscal or monetary support would be a mistake.