ecb ’ s governing council has taken further decisive monetary policy measures to support the economy during its gradual reopening and to safeguard medium - term price stability. we recalibrated the pandemic emergency purchase programme ( pepp ), increasing its size by €600 billion in june to a total of €1. 35 trillion, and extending its duration until at least the end of june 2021 and, in any case, until the governing council judges that the coronavirus crisis phase is over. moreover, we decided to reinvest the principal payments from maturing securities purchased under the pepp until at least the end of 2022. the pepp purchases aim to ensure the smooth transmission of our monetary policy across all sectors and euro area jurisdictions and to ease the overall monetary policy stance, helping to offset the downward impact of the pandemic on the projected path of inflation. in addition, we further eased the terms and conditions for accessing central bank liquidity under 1 / 3 bis central bankers'speeches our third targeted longer - term refinancing operations programme ( tltro iii ) to strengthen the incentives for banks to continue lending to the real economy. this was accompanied by an easing of collateral requirements to ensure that banks can make full use of these operations. for a year, banks will be able to borrow at negative rates, which can be as low as – 1 %, on the condition that they lend to the economy. largely in response to this recalibration, we have seen a very high take - up in our operations by banks, which has translated to a continued flow of credit to households and firms and kept lending rates at historic low levels. moreover, we decided to conduct a new series of seven pandemic emergency longer - term refinancing operations ( peltros ) to provide liquidity support to the euro area financial system and help to preserve the smooth functioning of money markets by providing an effective backstop following the expiry of the bridge longer - term refinancing operations ( ltros ) conducted since march 2020. overall, the monetary policy measures we have taken since early march are providing crucial support to the economy, supporting access to financing, including for those most affected by the spread of the pandemic, and contributing to maintaining favourable financing conditions for all sectors and jurisdictions. in the current environment of elevated uncertainty, the governing council will carefully assess all incoming information, including developments in the exchange rate, with regard to its implications

sweden was ok ”. recent developments abroad have been marked by great uncertainty. sweden is highly affected by this uncertainty. with the help of monetary policy we can do all that we can to promote a stable development of the swedish economy : that is ensure that inflation stays close to the target and that the development of the real economy is as stable as possible. when we look back at how things went in a few years ’ time we should be able to continue to say that, despite the uncertainty abroad, “ sweden was ok! ” bis central bankers ’ speeches bis central bankers ’ speeches bis central bankers ’ speeches bis central bankers ’ speeches bis central bankers ’ speeches bis central bankers ’ speeches bis central bankers ’ speeches bis central bankers ’ speeches bis central bankers ’ speeches bis central bankers ’ speeches bis central bankers ’ speeches bis central bankers ’ speeches