Amendments to Decision (EU) 2020/440 (ECB/2020/17)
Article 1
Open ↗Decision (EU) 2020/440 (ECB/2020/17) is amended as follows: 1. in Article 1, paragraph 1 is replaced by the following: ‘1. The Eurosystem hereby establishes the temporary pandemic emergency purchase programme (“PEPP”) as a separate purchase programme. The overall envelope of the PEPP is EUR 1 350 billion. The maturing principal payments from securities purchased under the PEPP shall be reinvested by purchasing eligible marketable debt securities until at least the end of 2022. In any case, the future roll-off of the PEPP portfolio shall be managed in such a way as to avoid interference with the appropriate monetary stance.’; 2. in Article 5, paragraph 3 is replaced by the following: ‘3. The Governing Council delegates to the Executive Board the power to set the appropriate pace and composition of PEPP monthly purchases within the total overall envelope of EUR 1 350 billion. In particular, the purchase allocation may be adjusted under the PEPP to allow for fluctuations in the distribution of purchase flows, over time, across asset classes and among jurisdictions.’.