[6] The temporary nature of the PEPP means that the forward guidance is connected to the pandemic: net asset purchases will continue until at least the end of June 2021 and, in any case, until the Governing Council judges that the coronavirus crisis phase is over; reinvestment will be maintained until at least the end of 2022 and, in any case, the future roll-off of the PEPP portfolio will be managed to avoid interference with the appropriate monetary policy stance.
Mr Mali will speak in detail about fiscal packages and I will focus on the measures of the National Bank of Serbia (NBS). Since the start of the pandemic, the NBS frequently offered the “first resort” response, because by numerous monetary and regulatory measures we supported citizens, corporates and the government to financially weather the crisis more easily.