From September 2019 to March 2022 the APP net asset purchase time horizon was linked to the future tightening of the key policy rates, being expected to run for as long as necessary to reinforce the accommodative impact of the policy rates, and to end shortly before the start of raising the key ECB interest rates.
Furthermore, reinvestment, in full, of the principal payments from maturing securities purchased under the APP will be continued for an extended period of time past the date when the ECB starts to increase interest rates, and in any case for as long as necessary to maintain favourable liquidity conditions and an ample degree of monetary accommodation. 3.