Recital 6

(6)On 18 March 2020, the Governing Council also decided that to the extent some self-imposed limits might hamper action that the Eurosystem is required to take in order to fulfil its mandate, the Governing Council will consider revising them to the extent necessary to make its action proportionate to the risks faced. To ensure the effectiveness of this decision, the consolidated holdings under Article 5 of Decision (EU) 2020/188 of the European Central Bank (ECB/2020/9) ¹ should not apply to PEPP holdings. The Eurosystem will not tolerate any risks to the smooth transmission of its monetary policy in all jurisdictions of the euro area.