- At today’s meeting, the Governing Council did not embark on any action, in line with expectations.
- The assessment of the situation remained broadly unchanged from the March meeting.
- PEPP purchases will be conducted at a “significantly higher pace than during the first months of the year”, thereby reiterating the message from the March meeting.
- There was no discussion about the phasing out of the PEPP while exchange rate movements remain on the ECB’s radar screen.
- All in all, the ECB adopted a wait-and-see stance. All eyes will be on the June 10 meeting when the macro outlook and the pace of PEPP purchases will be adjusted.