(5)For purchases under the PEPP of eligible marketable debt securities issued by central, regional or local governments and recognised agencies, the benchmark allocation across jurisdictions of the euro area will be guided by the key for subscription of the ECB’s capital as referred to in Article 29 of the Statute of the ESCB. A flexible approach to the composition of purchases under the PEPP is nonetheless essential to prevent current dislocations in the aggregate euro area sovereign yield curve from being translated into further distortions in the euro area risk-free yield curve, while also ensuring that the overall orientation of the programme covers all jurisdictions of the euro area. To further bolster the flexibility of the PEPP, public sector marketable debt securities with maturities shorter than those purchased under the PSPP will also be purchased under the PEPP.