Against this backdrop, the Governing Council announced that we would significantly step up purchases under the PEPP in the second quarter, in line with market conditions. Conclusion Let me conclude. Preserving favourable financing conditions is a powerful policy response to the challenges we are currently facing. It is a strong commitment to protect an exceptional degree of policy accommodation for as long as needed.
It signals our unwavering determination to offset the impact of the pandemic on the projected inflation path. And it is a promise to the people of Europe that the ECB will do its part to mitigate the social and economic costs of this crisis. This promise is underpinned by a purchase envelope that is unprecedented in the history of the ECB.