(5)To avoid the risk of an unwarranted tightening of financial conditions at a time when the recovery from the pandemic shock is likely to remain incomplete, the Governing Council decided that the maturing principal payments from securities purchased under the PEPP will be reinvested in full until at least the end of 2022 and, furthermore, that, in any case, the future roll-off of the PEPP portfolio will be managed in such a way as to avoid interference with the appropriate monetary stance.