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The European Central Bank's Pandemic Emergency Purchase Program is expected to come to an end in March next year, in the view of central bank President Christine Lagarde. Speaking to the press Thursday, Lagarde said the PEPP was envisaged to run until the end of March 2022 and at present, she saw no reason to think differently.

Lagarde was uncertain whether the pull PEPP envelope would be used, but said that was largely dependent on financing conditions in coming months.

Earlier, addressing the ECB's inflation target, Lagarde said although prices would rise further in over the short-term and remain elevated for longer than initially thought, inflation would still likely be below the Bank's target over the medium term, partly as energy prices stabilise if not actually turn lower.