Decision (EU) 2021/174 of the European Central Bank of 10 February 2021 amending Decision (EU) 2020/440 on a temporary pandemic emergency purchase programme (ECB/2021/6)

‘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 1850 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 2023. 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 policy stance.’;

‘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 1850 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.’.

This Decision shall enter into force on the fourth day following that of its publication in the Official Journal of the European Union.