ECB Governing Council member Olli Rehn said that the new EUR 1.86T “envelop” of the central bank’s Pandemic Emergency Purchase Programme is not a target but a ceiling for now”. He added, “we will implement the programme so that we can ensure favorable financing conditions and that means we are taking market conditions, market developments into implementation.”
He also said ECB will monitor FX “very closely”, and will take market conditions into implementation”. Though, he reiterated that exchange rate is not a policy target.
