5/6  BIS central bankers' speeches  The stability of real interest rates is likely to have reflected a combination of two factors.
First, the PEPP’s calendar-based forward guidance, promising net asset purchases until at least March 2022, has allayed fears of early tapering in the euro area, keeping the real term premium anchored at very low levels, supported by our continued net asset purchases. Second, the near-term growth outlook for the euro area remains highly uncertain and clouded.