ECB's Villeroy: Could possibly look to end PEPP purchases in March next year


The European Central Bank (ECB) Governing Council member and Bank of France Head Francois Villeroy de Galhau commented on a likely exit from the coronavirus pandemic-led monetary policy stimulus.

Key quotes

2% inflation is a target, not the ceiling.

PEPP will run at least until March 2022.

The ECB policy should remain accommodative in the coming years.

The ECB could possibly look to end PEPP purchases in March next year.

The end of PEPP does not mean end of accommodative policy.

Market reaction

EUR/USD consolidates the upside around 1.1960, with the bulls turning cautious amid concerns over the covid vaccine, especially after a pause in the J&J’s vaccine distribution.

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