ECB President Christine Lagarde ignited fresh speculation about an earlier end to the reinvestments under the Pandemic Emergency Purchase Programme when she spoke at the European Parliament. Back then, Lagarde said that “this is a matter which will come probably for discussion and consideration within the governing council in the not too distant future and we will re-examine possibly this proposal”. Some market observers expect the ECB to add more flavour to this issue next week. We think that it is still too early for a decision and that an earlier unwinding of the reinvestments will be part of a trade-off between rate cuts and withdrawing liquidity.