Villeroy
  • We will retain our full optionality about pace of normalization
  • Its calendar will remain a gradual, state-dependent and open in moving from one stage to the other
  • Keeping net asset purchases open ended from October would not be appropriate
  • APP purchases would end in Q3
  • another way to enhance optionality could be to remove the word "shortly" from the forward guidance on asset purchases
  • Optionality would mean that lift-off could possibly take more time if warranted
  • The decision on rate hikes is not needed before June meeting
  • Any speculation about calendar of future lift-off is at this stage premature