The European Central Bank (ECB) explained on Thursday that rising prices and the good evolution of the pandemic, which has taken into account, inter alia, that 70% of European adults are vaccinated against the Delta variant, will allow public debt to be purchased at a slower rate. The approved purchasing plan at the hardest moments of the Covid-19 crisis has a bag of 1.85 billion euros and is reviewed every quarter. On this occasion, instead of spending EUR 80 billion a month on the purchase of state bonds, between EUR 60,000 and EUR 70 billion will be mobilised. However, the Governing Council of the ECB maintains the interest rates: 0%.

Inflation this summer has risen by 3%, above the ECB’s 2% ceiling. Last July, the organization left the door open to overcome this barrier, with the discontent of orthodox neoliberals, but at the same time warned of the possibility of reducing the incentives to alleviate this rise. It has done so now, taking into account that macro-indicators are also good: the economy grew by 2.2% in the second quarter and expects greater growth in 2021.

Given that in the last year and a half the ECB has acquired most of the new debt issued by several European countries, especially in southern Europe, this can directly affect its economy, which has enabled them to obtain cheap money to meet the costs of the crisis caused by the pandemic.

Lagarde, however, wanted to make it clear that they will continue with their purchase plan to deal with Covid-19 until March 2022 or until "the coronavirus crisis phase ends", that is, perhaps earlier.