1. The allocation of cumulative net purchases of marketable debt securities issued by eligible central, regional or local governments and recognised agencies across eligible jurisdictions of the euro area shall be guided, on a stock basis, by the respective NCBs’ subscription to the ECB’s capital as referred to in Article 29 of the Statute of the ESCB.
2. Purchases under the PEPP shall be conducted in a flexible manner allowing for fluctuations in the distribution of purchase flows over time, across asset classes and among jurisdictions.
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 750 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.