10/03/2021 - In this week's economic update: European Central Bank: the rise of medium and long term rates on the euro yield curves sparked verbal reactions from the Executive Board, with explicit reference to the activation of the PEPP to correct the unwelcome tightening of financial conditions. However, the movement has been reabsorbed in part. Furthermore, not all the members of the Governing Council agree on opposing the movement. At its monetary policy meeting on 11 March, the press release and the statements made by President Lagarde could be changed, to signal the possibility of a temporary acceleration of PEPP purchases in the event of rate increases not tied to an improvement of the growth and inflation outlook in the Eurozone. But we do not expect any new formal policy step.