In particular, it announced in December that the assets held in the monetary policy portfolio would be reduced at a measured and predictable pace, through the partial reinvestment of the principal payments from maturing securities.
From March 2023 onwards, the reinvestments relating to the asset purchase programme (APP) launched in 2014 will decline by € billion per month until the end of the second quarter of 2023 and the subsequent pace will be determined by cyclical developments and market performance.