Emergency purchase programs

• The ECB’s Governing Council announced on 18 March a new Pandemic Emergency (asset) Purchase Programme
• Overall envelope of €750 billion until the end of the year, in addition to the €120 billion decided on 12 March
• Together this amounts to 7.3% of euro area GDP. The programme is temporary and designed to address the unprecedented situation our monetary union is facing. It is available to all jurisdictions and will remain in place until we assess that the coronavirus crisis phase is over.

Liquidity

• Making €3 trillion available at negative 0.75% interest

Sources

https://www.ecb.europa.eu/press/blog/date/2020/html/ecb.blog200319~11f421e25e.en.html

https://www.ecb.europa.eu/home/search/html/pandemic_emergency_purchase_programme_pepp.en.html