Conversely, for the APP, the outstanding amount will be reduced, at a 'measured and predictable' pace, by € billion per month from the beginning of March to the end of June of this year, to be recalibrated over time to ensure consistency with the monetary policy strategy and stance.
From July 2021 until the end of 2022, the key ECB interest rates were increased by a total of 250 basis points, bringing the rate on the main refinancing operations to 2.5 per cent, the marginal lending facility rate to 2.75 per cent and the Eurosystem's deposit facility rate to 2 per cent at 31 December.