Second, the PEPP safeguards monetary policy transmission to all asset classes and jurisdictions thanks to the embedded flexibility in conducting asset purchases. We also agreed to extend the PEPP until June 2021. The projections for the euro area show that inflation will start to pick up around this date.
Likewise, the other monetary policy measures taken in response to the pandemic such as the targeted and pandemic emergency longer-term refinancing operations (TLTRO and PELTRO programmes), will run their course through the summer of 2021.