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Key quotes

We can guarantee our commitment to support the recovery.

For monetary policy, this means providing certainty about financing conditions well into the future.

The PEPP envelope can be further expanded and extended, if warranted.

We stand ready to adjust all our instruments if downside risks to the outlook materialise, including those stemming from exchange rate dynamics.

An appreciation of the euro could significantly affect euro area inflation.

There should be no doubt here: the ECB will not accept inflation settling at levels that are inconsistent with its aim.

Financing conditions will need to remain very supportive even as growth accelerates from next year onwards.