ECB trims support, but says "no tapering"

The move marked a first small step towards unwinding the emergency aid that has propped up the euro zone economy during the pandemic.

But with rising U.S. infection rates making the Federal Reserve hesitant to wind down its stimulus, the ECB trod cautiously: it flagged no other moves, notably how it ultimately plans to dismantle the 1.85-trillion-euro Pandemic Emergency Purchase Programme which has kept borrowing costs low.

"The lady isn't tapering," ECB President Christine Lagarde told a news conference to explain the decision, using a turn of phrase reminiscent of former British Prime Minister Margaret Thatcher's famous declaration "the lady's not for turning."

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