First, a commitment to keep the key policy interest rates at their present low levels at least until the end of 2019. Second, a commitment to continue reinvesting maturing securities under the asset purchase programme for an extended period of time, beyond the first rate increase – thus we apply chained forward guidance on these two policy instruments.
And third, launching a new series of targeted longer-term refinancing operations (TLTRO-III), starting in September 2019. Hence, the ECB Governing Council maintains an ample degree of monetary accommodation to support the economic expansion.