If favourable financing conditions can be maintained with asset purchase flows that do not exhaust the envelope over the net purchase horizon of the PEPP, the envelope need not be used in full.
Equally, the envelope can be recalibrated if required to maintain 1/4  BIS central bankers' speeches  favourable financing conditions to help counter the negative pandemic shock to the path of inflation. We will continue to reinvest the principal payments from maturing securities purchased under the PEPP until at least the end of 2023.