ECB's Stournaras: PEPP exit depends on inflation outlook

Comments by ECB governing council member, Yannis Stournaras

• Euro area risks are still tilted to the downside
• Expects ECB to use all of its PEPP envelope
• Any further extension of bank dividend ban depends on the virus situation

This just reaffirms expectations that the ECB will be delivering on the full PEPP amount even if it may appear that they could ease up on the pace of purchases. The current delivery is expected until the middle of next year but it wouldn't surprise me if that was extended.