Another question about TPI. It is clear that there is still a need for clarification. TPI be on additional Instrument, affirms Lagarde – and repeats the wording that she already described at the beginning. when exactly dhe new instrument is actually activatedbut remains unclear.
Lagarde points out that the ECB also wants to use the bond purchases via the older PEPP bond purchase program in order to prevent a wide divergence in bond yields in the euro area. PEPP is set to net zero, but the ECB continues to replace expiring papers in this program with new ones. If in doubt, it can buy more bonds from individual countries there.