The ECB did not change any policy setting. The ECB provided long-winded forward guidance, the TL;DR on this is that rate hikes from the Bank are way, way off in the future – don’t even think about thinking about it. PEPP … will continue at its current pace in addition to the asset buying program already in place.
At her presser, ECB President Lagarde hinted a debate over QE may occur at the September meeting (this meeting will be accompanied by the release of new forecasts).