This is already part of their alternatives as mentioned in the policy statement:
"In the event of renewed market fragmentation related to the pandemic, PEPP reinvestments can be adjusted flexibly across time, asset classes and jurisdictions at any time."
It isn't anything new and it isn't something that will function well as mentioned earlier here. The euro has pared some of its advance from 1.0480 to 1.0450 before sticking around 1.0460 levels at the moment.
I don't want to put down the ECB but this isn't quite the message that European bonds are looking for. But nonetheless, at least policymakers are getting to talking so that's a start.
