ECB's Schnabel: Flexibility of PEPP will be maintained throughout its lifetime

Comments by ECB executive board member, Isabel Schnabel

• Flexibility is a key element of PEPP
• ECB sees clear evidence of the success of allocating purchases flexibly
• European recovery fund proposal is a promising step in the right direction
• Reaffirms that the ECB took the appropriate and proportional course of action

Nothing that stands out all too much but this just further reaffirms that the ECB will adjust its PEPP stimulus accordingly as it sees fit to manage the economic recovery. While most members are insisting this will be temporary, the fact that the recovery could take a while to play out may mean this could be one that persists well beyond the middle of next year.