ECB's Schnabel: 12-month PEPP extension is one option being considered

Remarks by ECB executive board member, Isabel Schnabel
– ECB may consider longer duration of favourable TLTRO rate
– ECB isn't obliged to do what markets expect from us
In other words, she is trying to communicate the message that the need to "recalibrate" in December is largely due to the pandemic crisis being worse than anticipated. As