section_path: Overall economic contraction/Economic recovery programmes/Implementation
section_name: Implementation
paragraph_text: Implementation
  
  The PEPP began with a fund of €750 billion similar to the Next Generation EU fund. A total allocation of €1.85 trillion was dedicated to asset purchases under the program, over its duration of two years. Pandemic emergency purchase programme (PEPP). Pandemic emergency purchase programme (PEPP). Notably, the ECB was permitted to deviate from its traditional capital key rule, which ties purchases to member states' GDP and population, allowing more flexibility in responding to crisis conditions. The program included purchases of government bonds, corporate bonds, and securities issued by European institutions. Purchases first began in March 2020.