A: On the issue of flexibility. Flexibility.....>

ECB: A: On the issue of flexibility. Flexibility came in a three pronged

approach: across time, across market segments and jurisdictions. we have

massively frontloaded purchases to respond to the market volatility at the time.

The crisis highlighted the unprecedented need for liquidity from firms because

of the lockdown. Issuance form corporates was virtually nil. Now we have record

issuance. We have also shifted a large share of purchases to commercial paper.

On jurisdiction, the capital key guides purchases. There was a strong need to

diverge from the capital key benchmark guide to counter the risks of

fragmentation. The guiding principle of flexbility will remain through the

lifeline of hte PEPP