In addition, the Governing Council intends to continue reinvesting, in full, the principal payments from maturing securities purchased under the APP for an extended period of time past the date when the Governing Council starts raising the key ECB interest rates, and in any case for as long as necessary to maintain favourable liquidity conditions and an ample degree of monetary accommodation.
(2020), “The COVID19-Pandemic in the EU: Macroeconomic Transmission & Economic Policy Response”, Discussion Paper 127, European Commission. [17] See also Lane, P.R. (2020), “The pandemic emergency: the three challenges for the ECB”, speech at the Jackson Hole Economic Policy Symposium, Federal Reserve Bank of Kansas City, 27 August; and Lane, P.R.