At our latest meeting, we also decided on the starting point for reducing holdings under the APP: from March to June 2023, € billion per month on average of principal payments from maturing securities will no longer be reinvested. That corresponds to around half of the redemptions over that period of time. This likewise represents an important contribution to the normalisation of monetary policy.
This is by no means a certainty though and while there are signs of an  3  At this point the terms of trade have fallen by 15 per cent since the 2011 peak (back to their 2008 peak!).