In December 2020, the initial calendar guidance that the pandemic crisis phase would last until at least June 2021 was extended to March 2022. The March 2022 end date was confirmed in December 2021, while the calendar guidance on the reinvestment horizon was revised until at least the end of 2024.
In any case, the future roll-off of the PEPP portfolio will be managed to avoid interference with the appropriate monetary policy stance. The calibration of the PEPP had to take into account the substantial step up in net issuance of both public and private securities entailed by the pandemic (Chart 3).