Q&A Begins, Lagarde Questioned on PEPP

Question: Has size of PEPP increase been discussed ahead of Dec and what other instruments would be discussed. Also asks about change in target like Fed.

- Answer: Lagarde says Gov Council in full agreement that risks are "clearly, clearly to the downside". Notes COVID and containment measures impact on economy. All agree instruments should be recalibrated in Dec with this in mind. Staff members already at work which will touch on all instruments. Won't be one or the other. Or one single instrument. All instruments and their interaction for optimal outcome.

Want to maintain favourable financing conditions to help with recovery and address negative consequences from pandemic on inflation path. In the meantime won't stand still, will use all instruments (including PEPP) to address any situation. In the past this has been done and ECB responded promptly for first wave. Will do the same for second wave. Won't be one instrument will be combination for next outcome for financing conditions for econ and inflation.