How do you respond to those who say that the ECB should not raise the issue limit of 33% when buying bonds? Could this raise legal questions in the future? The ECB has made it clear that, within its mandate, it will do everything needed in order to safeguard the full transmission of its monetary policy in all euro area countries.
The PEPP allows purchases to be conducted flexibly over time and across asset classes and jurisdictions. The Governing Council has explicitly communicated that, if necessary and proportionate to the extraordinary risks that we are facing due to the coronavirus crisis, it will consider revising any self-imposed limits, including the issue share and issuer limits, in line with our legal framework.