This may also imply a transitory period in which inflation is moderately above target.” 4. See Lane, P.R. (2020), “The macroeconomic impact of the pandemic and the policy response”, The ECB Blog, 4 August and Lane, P.R. (2020), “The market stabilisation role of the pandemic emergency purchase programme”, The ECB Blog, 22 June. 5. See also Lane, P.R.
(2021), “The compass of monetary policy: favourable financing conditions”, Speech at Comissão do Mercado de Valores Mobiliários, 25 February. 6. For a more detailed discussion of the market stabilisation role of the PEPP, see Lane, P.R. (2020), “The market stabilisation role of the pandemic emergency purchase programme”, The ECB Blog, 22 June. 7. Lane, P.R.