In addition, we reiterated our intention to continue reinvesting, in full, maturing principals for an extended period of time past the date when we start raising the key ECB interest rates, and in any case for as long as necessary to maintain favourable liquidity conditions and an ample degree of monetary accommodation.
Renewed net asset purchases and the revised forward guidance on policy rates also imply an expansion of the reinvestment envelope and the automatic response of the reinvestment horizon to the evolution of the inflation outlook.