Market news
08.04.2021, 10:17

ECB's president Lagarde: PEPP envelope can be recalibrated if required to maintain favourable financing conditions

  • Pandemic and related containment measures will continue to adversely affect euro area economic activity in short term
  • Beyond the short term, activity should pick up
  • Overall, risks surrounding euro area growth outlook have become more balanced, although downside risks associated with pandemic remain in near term
  • Headline inflation likely to increase further in the coming months, but temporary factors are expected to fade out of annual inflation rates early next year
  • PEPP envelope need not be used in full if favourable financing conditions can be maintained with a flow of asset purchases that does not exhaust the envelope by the envisaged end of PEPP’s net purchase phase
  • It is absolutely crucial for monetary and fiscal policies to continue complementing each other in supporting euro area economy

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