The PEPP purchases aim to ensure the smooth transmission of our monetary policy across all sectors and euro area jurisdictions and to ease the overall monetary policy stance, helping to offset the downward impact of the pandemic on the projected path of inflation.
In addition, we further eased the terms and conditions for accessing central bank liquidity under 1/3  BIS central bankers' speeches  our third targeted longer-term refinancing operations programme (TLTRO III) to strengthen the incentives for banks to continue lending to the real economy. This was accompanied by an easing of collateral requirements to ensure that banks can make full use of these operations.