This will foster the convergence of inflation towards its aim in a sustained manner, in line with its commitment to symmetry. In the meantime, we decided to reconfirm our accommodative monetary policy stance. We will keep the key ECB interest rates unchanged.
We expect them to remain at their present or lower levels until we have seen the inflation outlook robustly converge to a level sufficiently close to, but below, 2 percent within our projection horizon, and such convergence has been consistently reflected in underlying inflation dynamics. We will continue our purchases under the pandemic emergency purchase programme (PEPP) with a total envelope of € billion.