European Central Bank announces €750B coronavirus stimulus

“There are no limits to our commitment to the euro”

 The European Central Bank (ECB) announced an economic stimulus program worth €750 billion Wednesday night. The central bank said in a statement that the governing council had decided to launch a temporary asset purchase program to navigate the economic downturn across the eurozone linked to the coronavirus outbreak. The program should last until the end of 2020.

“Extraordinary times require extraordinary action,” ECB chief Christine Lagarde said on Twitter. “There are no limits to our commitment to the euro. We are determined to use the full potential of our tools, within our mandate.”

Under the new program, called the “Pandemic Emergency Purchase Programme” (PEPP), the central bank will buy both public and private securities in a “flexible manner.”

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