ECB sources:

• Agreed to debate PEPP reinvestment end date this winter, and minimum reserves as part of the framework review.
• ECB policymakers decided to delay discussions about ending bond purchases until early 2024.
• There was no discussion about stopping reinvestments of cash from maturing bonds in the Pandemic Emergency Purchase Programme (PEPP) during the recent meeting.
• The PEPP debate is expected to take place sometime during the winter.
• The issue of the proportion of commercial banks’ deposits to park at their central bank and the remuneration of these mandatory reserves will be addressed later.
• Reinvestments are not expected to end abruptly, and the ECB may follow a gradual approach.
• Some policymakers want to increase the portion of deposits that banks must park at their national central bank.
• The ECB is conducting an operational framework review that includes discussions on minimum reserve rules.