Downside risks remain in the near-term, there is no room for complacency

The ongoing vaccination campaigns, together with the gradual relaxation of containment measures underpin the expectation of a firm rebound in economic activity in the second half of 2021.

The ECB will continue to deliver on its mandate and support the recovery with all appropriate measures.

ECB to continue monitoring developments in the euro exchange rate

PEPP will be implemented flexibly according to market conditions

Step-up in the run-rate of PEPP will become visible when ascertained over longer time intervals (short-term disrupted by noise, such as lumpy redemptions)

If favourable financing conditions can be maintained, don't need to use full PEPP envelope if it is not exhausted

We stand ready to adjust all of our instruments.

Our key ECB interest rates to the governing council’s forward guidance and the asset purchase programme – make a crucial contribution.