ECB slows pace of pandemic stimulus programme but insists no tapering

The European Central Bank is set to slow the monthly bond purchases under its crisis programme as the economic outlook improves. "Based on a joint assessment of financing conditions and the inflation outlook, the Governing Council judges that favourable financing conditions can be maintained with a moderately lower pace of net asset purchases under the pandemic emergency purchase programme (PEPP) than in the previous two quarters," the ECB said this Thursday (9 September). While it will buy fewer bonds for the rest of the year the ECB stated it could increase its stimulus again if the...