(5)Lastly, to avoid the risk of an unwarranted tightening of financing conditions at a time when the recovery from the pandemic shock is likely to remain incomplete, the Governing Council decided that the principal payments from maturing securities purchased under the PEPP will be reinvested in full until at least the end of 2023 and, furthermore, maintained its view 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 policy stance.