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POV (Part 3): - Baseline Scenario: No major.....>

ECB: POV (Part 3):
- Baseline Scenario: No major policy announcements at the April meeting, with
Lagarde reaffirming the ECBs commitment to using its policy levers when needed.
- Dovish Scenario: The PEPP is increased by EUR250-500bn, with possible easing
of eligibility criteria. Additional easing of TLTRO conditions and a firm
commitment to ease further if required.
- Hawkish Scenario: No change in policy, a relatively constructive view on the
economic recovery and trajectory for inflation, and limited indications of
further easing.

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