Looking ahead, we must – in my opinion – create the foundations for a more integrated mechanism, funded at European level, for preventing and resolving banking crises. Leaving crisis resolution to voluntary cooperation is not sufficient to prevent contagion between banking systems and between them and the public debt of member countries.
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.