Despite the fact that the ECB's Emergency Procurement Program for Eurobonds to combat the pandemic (PEPP) in the amount of 1.85 trillion euros is calculated until March 2022, the European Central Bank may decide to terminate it before this estimated date. The fact that the program should be reduced gradually, said the member of the Central Bank of Germany Jens Weidmann. At the same time, the main issue of the ECB remains the topic of the timing of the cancellation of support for the economy against the backdrop of stronger economic data in the euro area. Market participants are also concerned that incentives can be removed sooner rather than later. Weidmann said that there are two prerequisites for the ECB to stop buying EU bonds under the PEPP: a complete lifting of quarantine restrictions and a sustainable economic recovery in the region. In doing so, he called for a gradual reduction in incentives associated with the pandemic. However, despite the rather strong economic data in recent weeks, the situation with the development of the pandemic in Europe is unclear, which raises concerns that the premature removal of stimuli could negatively affect the economic recovery. As for inflation, there has recently been a sharp rise in prices in the eurozone, despite the fact that the ECB is trying to keep inflation below 2%. For example, in May, the inflation rate in the eurozone rose to 2% due to the weakening of social distancing rules. However, the ECB said that inflation growth is temporary and will remain below the target for the foreseeable future.
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