The net purchase phase of the programme will run until at least June 2021 and, in any case, for as long as the crisis persists.
The PEPP has been designed to serve two objectives: first, to counter the risks to the monetary policy transmission mechanism by stabilising financial markets and, second, to counter the negative shock to the economic and inflation outlook caused by the pandemic. To help meet these objectives, purchases under the PEPP can be allocated flexibly across time, asset classes and jurisdictions.