An extension of the programme was warranted by the continued need for a substantial amount of monetary policy accommodation to ensure the desired inflation convergence. When considering the appropriate calibration of the APP there were three important dimensions to consider: pace, horizon and optionality.
As regards the first dimension, pace, the brighter economic prospects have increased our confidence in the gradual convergence of inflation towards our aim. This called for a lower pace of purchases. Second dimension, horizon: We have always emphasised that monetary policy needs to be persistent and patient for underlying inflation pressures to gradually build up.