Finally, we agreed that reinvestments under the PEPP will take place until at least the end of 2022 and, in any case, the future roll-off of the PEPP portfolio will be managed to avoid interference with the prevailing monetary stance.
Looking ahead, the Governing Council will keep re-evaluating whether the size, duration and composition of the PEPP remain appropriate as the economic consequences of the COVID-19 pandemic unfold. We stand ready to adjust all of our instruments, as appropriate, to ensure that inflation moves towards our aim in a sustained manner.