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“Evidence is increasingly pointing towards a protracted impact of the crisis on both demand and supply conditions in the euro area and beyond,” Isabel Schnabel, member of the Executive Board of the European Central Bank (ECB), said on Wednesday.

Additional takeaways

“Flexibility is a key element of PEPP and will be maintained throughout its lifetime.”

“We see clear evidence of the success of allocating purchases flexibly across market segments.”

The European recovery fund proposal is a promising step in the right direction.”

“Surveys point to significant take-up for TLTRO III, in the order of € 1.4 trillion.”

“Given high uncertainty regarding second-round effects, our decision appears to be an appropriate and proportional course of action.”

“Monetary policy needs to act in a more targeted and flexible way to reduce risks of fragmentation.”

Market reaction

The EUR/USD pair largely ignored these comments and was last seen trading at 1.1370, where it was up 0.25% on a daily basis.

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