To ultimately empower fiscal policy as a transmission channel of monetary policy, the ECB needs to provide liquidity when risks of self-fulfilling price spirals threaten to undermine stability in the euro area as a whole. As was the case during the pandemic, this may require temporary flexibility in the use of instruments.
1 The limits for FPI investment in Central Government securities (G-secs), State Development Loans (SDLs) and  corporate bonds are fixed currently at 6 per cent, 2 per cent and 9 per cent of respective outstanding stocks of securities for FY 2019–20. 4/4  BIS central bankers' speeches