Instead, a less costly and more prudent approach is to add sufficient extra monetary policy accommodation to boost inflation momentum towards the upper region of the “BCDE” zone, in order to https://www.ecb.europa.eu/press/key/date/2020/html/ecb.sp201006~e1d38a1ccc.en.html  10/12  07/10/2020  The ECB’s monetary policy in the pandemic: meeting the challenge  reconnect to the pre-pandemic inflation path.
The central element in this first stage has been the introduction of the PEPP and the subsequent recalibration of its size and duration, in order to provide an intense phase of extra net asset purchases.