The PEPP and the easing of conditions under the TLTRO programme have been the two cornerstones of our monetary policy response: their design and calibration are directly linked to the evolution of the pandemic and its impact on the monetary transmission mechanism and the economic outlook.
https://www.ecb.europa.eu/press/key/date/2020/html/ecb.sp201126~c5c1036327.en.html  1/19  01/12/2020  Monetary policy in a pandemic: ensuring favourable financing conditions  The PEPP plays a dual role of stabilising financial markets and contributing to easing the overall monetary policy stance.