(2)The secondary markets public sector asset purchase programme (PSPP), alongside the third covered bond purchase programme, the asset-backed securities purchase programme, and the corporate sector purchase programme, constitute the expanded asset purchase programme (APP) of the ECB. The APP aims to enhance the transmission of monetary policy, facilitate the provision of credit to the euro area economy, ease borrowing conditions for households and firms, and support the sustained convergence of inflation rates to levels below, but close to, 2% over the medium term, consistent with the ECB’s primary objective of maintaining price stability.