Chart 2 Market-based lift-off dates (date of lift-off; date of observation)  Sources: Bloomberg, Refinitiv and ECB calculations. Notes: The market-based lift-off date is the date during which the € forward rate exceeds the current € rate by at least 10 basis points or 25 basis points. The latest observations are for 18 March 2022.
As I described in earlier contributions, the PEPP was designed with a dual role. [4] First, alongside the ECB’s other monetary policy instruments, asset purchases were the most important mechanism for delivering the additional monetary accommodation required to support the economic recovery and safeguard price stability in the medium term.