"the two plans have different purposes and I will not interweave them like that," Jens Weidmann, a member of the ECB's governing council, said in an interview with the German business newspaper.

"given that there is still uncertainty in both directions, it seems neither beneficial nor credible for me to make longer-term advance commitments at this moment. In my opinion, it is not so important to be specific about when to communicate, but it is important to communicate clearly and convincingly at that time.

When the emergency of the pandemic emergency bond purchase program (PEPP) ends, it must also end.

"I now assume that there will be no more abnormal underutilisation of capacity next year-even if emergency monetary policy measures are scaled back".

I am very optimistic that we can make progress in overcoming the crisis and then allocate the purchase size more carefully.