Mature economies and the recent turmoil in financial markets  Let me now move from some lessons of past crises in emerging economies to the situation we are now facing in the global financial system. What has been notable about recent experience is that the epicentre of market turbulence has shifted from the emerging economies.
Moreover, purchases under the PEPP will be made in a flexible manner, thereby allowing the distribution of purchases to vary over time, across asset classes and jurisdictions to ensure the smooth transmission of monetary policy to those sectors and regions that need it most.