Christine Lagarde: We’ll decide on interest rates when it’s time

“Monthly net purchases under APP will be worth € 40 billion in April, € 30 billion in May and € 20 billion in June. The calibration of net purchases for the third quarter will depend on the data and will reflect the evolution of the Governing Council’s assessment of the outlook. ” writes the statement.

This means that the central bank has still not set a specific end date for the APP, only to suggest even more strongly that the program may end in the third quarter. It was clear from the March minutes that the members of the shell would have already explicitly announced the withdrawal of the APP at that time, but they did not seem to have been able to do so even at the April meeting.

“In addition, the Governing Council intends to continue to reinvest in full the redemption of maturity securities purchased under APP for a longer period after starting to raise the key ECB interest rates, but in any case as long as necessary to maintain favorable liquidity conditions. and a rather loose monetary policy. ” – states in the communication.

Source: – Gazdaság by

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