The ECB’s forward guidance The ECB first introduced forward guidance into its introductory statements at the press conference in July 2013, saying that it “expects the key ECB interest rates to remain at present or lower levels for an extended period of time". This is also referred to as expansionary bias with respect to interest rates.
When the asset purchases began, forward guidance was augmented by the assertion that the “net asset purchases are intended to continue […] until the Governing Council sees a sustained adjustment in the path of inflation". One may refer to this as an “exit criterion".