Recital 1

(1)Taking into account the exceptional economic and financial circumstances associated with the spread of coronavirus disease 2019 (COVID-19), on 18 March 2020, the Governing Council decided to launch a temporary pandemic emergency purchase programme (PEPP) including all the asset categories eligible under the ECB’s asset purchase programme, consisting of the secondary markets public sector asset purchase programme, the third covered bond purchase programme, the asset-backed securities purchase programme, and the corporate sector purchase programme (CSPP).