FRANKFURT, Nov 2 (Reuters) - The European Central Bank’s will not extend the flexibility of its crisis-fighting Pandemic Emergency Purchase Programme (PEPP) to other bond buying schemes, which must remain bound by the bank’s “red lines”, ECB board member Yves Mersch said on Monday. “This means that the PEPP remains a distinct monetary policy measure in comparison to the Asset Purchase Programme (APP),” Mersch, the head of the ECB’s legal operations, said. “In keeping with these safeguards the APP will also not inherit the features of the PEPP.” He added that while PEPP has exceptional flexibility, it cannot be “unconstrained” and needs to operate within the limits of its goals. (Reporting by Balazs Koranyi; Editing by Alison Williams)