most effective way to respond would be to increase the size of the pandemic emergency purchase programme ( pepp ). there were two reasons for this. first, the pepp can provide a significant degree of additional monetary easing as it directly affects the benchmark rates used to price financial market instruments and bank credit in all euro area countries. accordingly, expanding the overall pepp envelope by €600 billion will bring us significantly closer to the pre - covid - 19 inflation path over the medium term. second, the pepp safeguards monetary policy transmission to all asset classes and jurisdictions thanks to the embedded flexibility in conducting asset purchases. we also agreed to extend the pepp until june 2021. the projections for the euro area show that inflation will start to pick up around this date. likewise, the other monetary policy measures taken in response to the pandemic such as the targeted and pandemic emergency longer - term refinancing operations ( tltro and peltro programmes ), will run their course through the summer of 2021. finally, we agreed that reinvestments under the pepp will take place until at least the end of 2022 and, in any case, the future roll - off of the pepp portfolio will be managed to avoid interference with the prevailing monetary stance. looking ahead, the governing council will keep re - evaluating whether the size, duration and composition of the pepp remain appropriate as the economic consequences of the covid - 19 pandemic unfold. we stand ready to adjust all of our instruments, as appropriate, to ensure that inflation moves towards our aim in a sustained manner. financial stability during the pandemic crisis turning to the stability of the financial system, two opposing forces are now at play : the impact of the coronavirus shock – which was amplified by a range of existing vulnerabilities – and the fiscal and monetary policy response in the euro area. over the last few years, signs of asset mispricing as well as lingering private and public sector debt sustainability concerns had been identified as vulnerabilities to financial stability. in addition, euro area banks ’ profitability had been low, due to both structural and cyclical factors, while non - bank financial intermediaries had grown in size since the great financial crisis, taking on more credit and duration risk. as the coronavirus shock hit the euro area, we observed flight - to - safety phenomena, a surge in volatility and a sharp tightening of financial

individuals to actively participate in the formal economy, thereby contributing to the broader goal of inclusive and sustainable economic development which are essential for a viksit bharat 2047. i urge all stakeholders to continue working collaboratively, leveraging the strengths of each sector, and harnessing the power of technology to create a financially inclusive society. together, we can build a resilient and prosperous future for all, ensuring that no one is left behind in our journey towards economic growth and development. thank you. 1 the overall credit gap in the msme sector is estimated to be 20 a€ “ 25 trillion by the expert committee on micro, small and medium enterprises ( chair : shri u k sinha ) 2 as per the report of the internal working group to review agricultural credit, 2019 nearly 60 per cent of small and marginal farmers were yet to be covered under bank credit. 5 / 5 bis - central bankers'speeches