And we would do this by calibrating purchases under the PEPP. This calibration is, of course, a continuous exercise – because favourable financing conditions depend on the changing drivers of nominal interest rates, inflation expectations and the equilibrium rate. Over the summer, for instance, the ECB Governing Council frontloaded some of its purchases under the PEPP.
We did this to counter a possible rise of nominal yields partly driven by spillovers from the US, as I outlined in my previous talk at the Euro50 meeting in March this year. By doing this, we ensured that financing conditions did not tighten before the growth and inflation outlook in the euro area was on firmer ground.