However, we do not interpret these expressions literally, but consider them to be figurative expressions referring to the atoning sacrifice of Jesus Christ. The sacrament is a memorial of the suffering of Christ. We do it in remembrance of Him, as also taught in the bible:
Luke 22:
19 And he took bread, and gave thanks, and brake it, and gave unto them, saying, This is my body which is given for you: this do in remembrance of me.
Luke 22:
24 And when he had given thanks, he brake it, and said, Take, eat: this is my body, which is broken for you: this do in remembrance of me.
1 Corinthians 11:
25 After the same manner also he took the cup, when he had supped, saying, This cup is the new testament in my blood: this do ye, as oft as ye drink it, in remembrance of me.
The Catholic Church also upholds that we are to celebrate the Eucharist in remembrance of Jesus–that very quote is in the Eucharistic prayer the priest prays over the bread and wine. The difference obviously is the interpretation of what this all really means. John Chapter 6 shows us that Christ was being much more than merely figurative.
First Jesus tells the Jews that He is the living bread (could be figurative, right?)
51 I am the living bread that came down from heaven; whoever eats this bread will live forever; and the bread that I will give is my flesh for the life of the world.
The Jews didn’t take it that way though. They thought Jesus was being literal:
52 The Jews quarreled among themselves, saying, “How can this man give us (his) flesh to eat?”
Again Jesus declares (still being figurative? Maybe.)
53 Jesus said to them, “Amen, amen, I say to you, unless you eat the flesh of the Son of Man and drink his blood, you do not have life within you.”
Now for a third time Jesus says (Could be figurative, but He really seems to be stressing it):
54 Whoever eats my flesh and drinks my blood has eternal life, and I will raise him on the last day.
But now he takes it up another notch (not sounding too figurative anymore):
55 For my flesh is true food, and my blood is true drink.
*56 Whoever eats my flesh and drinks my blood remains in me and I in him. *
57 Just as the living Father sent me and I have life because of the Father, so also the one who feeds on me will have life because of me.
58 This is the bread that came down from heaven. Unlike your ancestors who ate and still died, whoever eats this bread will live forever.
59 These things he said while teaching in the synagogue in Capernaum.
And here again we see that those who heard Him took Jesus quite literally:
60 Then many of his disciples who were listening said, "This saying is hard; who can accept it?"
61 Since Jesus knew that his disciples were murmuring about this, he said to them, "Does this shock you?"
62 What if you were to see the Son of Man ascending to where he was before?
63 It is the spirit that gives life, while the flesh is of no avail. The words I have spoken to you are spirit and life.
*64 But there are some of you who do not believe. Jesus knew from the beginning the ones who would not believe and the one who would betray him. *
*65 *
And he said, “For this reason I have told you that no one can come to me unless it is granted him by my Father.”
And in the end many had a difficult time accepting that Jesus could give His body and blood as true food and true drink. They left Him over this teaching:
66 As a result of this, many (of) his disciples returned to their former way of life and no longer accompanied him.
So here is the kicker–what did Jesus do then? The people had just left Him because they could not accept the teaching that Jesus could offer His body and blood as true food and true drink. If He was being merely figurative here, any responsible teacher (which Jesus most certainly was) would call them back, saying “Wait a minute, everybody. I wasn’t being literal. I was being figurative. I don’t really mean that you have to eat my body and drink my blood. It’s just an expression.”
No, Jesus did not correct their interpretation of what He said, because they interpreted Him correctly, and they couldn’t accept it. They left, and He didn’t stop them.