Bloomberg reports that French Governor Francois Villeroy de Galhau said that the European Central Bank can exit from its exceptional crisis measures while maintaining accommodative monetary policy.

“Our monetary policy should remain accommodative for the years to come, but our combination of instruments could evolve,” Villeroy said.

To ensure a smooth transition out of crisis stimulus, he said the ECB can use the flexibility of its PEPP asset purchase program, combined with the possible end date of March 2022, and enhanced forward guidance to make it clear the institution will let inflation overshoot its 2% target, he said.

“We would have a full range of what I call a quartet of instruments: asset purchases and adjustments of them, but also negative rates, liquidity provision, and fourth, and not least, forward guidance,” Villeroy said.