Recital 3

(3)The interim emissions reduction target framework takes into account, as guidance, elements of Regulation (EU) 2016/1011 of the European Parliament and of the Council ⁶ and Commission Delegated Regulation (EU) 2020/1818 ⁷ . However, the Eurosystem’s CSPP and PEPP corporate bond portfolios form part of the instruments through which monetary policy is implemented and, moreover, are in the full run-off phase, meaning that reinvestments or purchases are no longer expected to take place under the programmes, since the beginning of 2025. Consequently, to ensure its effectiveness, certain elements of the framework necessarily deviate from the requirements of Delegated Regulation (EU) 2020/1818, which establishes benchmarks that are generally subject to regular rebalancing and have a broadly stable number of constituents over time.