To ensure a step-by-step reduction in the pace of total net asset purchases, at that time, it had been decided to increase those conducted under the asset purchase programme (APP) from the current monthly pace of € billion to € billion during the second quarter of 2022, € billion during the third quarter, and to then continue at a pace of € billion, ending the purchases shortly before the first rise in the key ECB interest rates.
This sequence is aimed at guaranteeing an orderly and controlled reduction of monetary stimulus. At the moment, I do not believe that the overall picture underlying this stance has changed significantly, though it must be recognized that, in the short term, there has been an increase in the risk of consumer prices growing faster than expected and production activity growing more slowly.