"Hopefully, by that time, there will be a possibility to reduce again the purchases," he also told CNBC in an interview. The PEPP will not be used unless there is a need for the flexibility provided by it, Holzmann stressed.
On the other hand, ECB policymaker Pierre Wunsch said on Tuesday that the household savings in 2020 and early 2021 are sufficient to finance 3-5 years of strong consumption growth at a higher level than in 2019.
Wunsch also traced multiple scenarios, suggesting that if the economy improves, the ECB will have to move towards tightening in some ways. Whereas, if the economy clearly deteriorates, the bank is open to extending the Pandemic Emergency Purchase Programme (PEPP) until March 2022.
Generally, according to the policymaker, the ECB is currently content with the financing conditions as they are. Wunsch also said he was impressed by the resilience of the economies.