The pandemic emergency purchase programme (PEPP) was initiated in March 2020 to counter the risks to the monetary policy transmission mechanism posed by the coronavirus epidemic and improve the outlook for the euro area. To this end, the Eurosystem plans to conduct asset purchases to the tune of €750 billion up to the end of 2020. All asset categories eligible under the existing asset purchase programme (APP), i.e. covered bonds, asset-backed securities, public sector securities and corporate sector bonds, are also eligible under the new programme. For the purchases of public sector securities, the benchmark allocation across jurisdictions will be the capital key of the national central banks, as is the case for the APP. Unlike the APP, however, purchases under the PEPP will be conducted in a flexible manner. This allows for fluctuations in the distribution of purchase flows over time, across asset classes (e.g. covered bonds or asset-backed securities) and among jurisdictions. Under the PEPP, a waiver of the APP eligibility requirements will be granted for securities issued by the Greek government.