• Intend to raise rates by 25 bps in July
  • There is optionality to raise by more in September
  • If inflation outlook does not improve, we will have sufficient information to move faster
  • Beyond September, a “gradual but sustained” path of further rate increases will be appropriate
  • In addressing fragmentation, ECB will use flexibility in reinvesting redemptions coming due under PEPP
  • Also decided to accelerate the completion of the design of a new instrument
  • The new instrument will have to be effective, while being proportionate and containing sufficient safeguards to preserve sound fiscal policy

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