Christine Lagarde at the press conference

Lagarde once again outlines the most important details for the reduction of the balance sheet: On the one hand, the reduction begins in March 2023. On the other hand, the ECB has a level of 15 billion euros per month of bonds from the APP program, which will not be replaced in the future.

The balance sheet reduction, known in technical jargon as quantitative tightening, is in line with the interest rate strategy.

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