ECB's Villeroy: First objective needs to be to keep favourable financing conditions for as long as needed

Comments by ECB policymaker, Francois Villeroy de Galhau
– Recalibration of policy instruments must not only focus on level of support
– But also timeframe, flexibility and efficient targeting
All of the signs continue to point to PEPP stimulus being the main policy tool that they will work with next month, with the likelihood of enhancing TLTROs to