ECB Doing Whatever It Takes

March 20, 2020

The European Central Bank created a new Pandemic Emergency Purchase Program, which to start totals EUR 750 billion on top of the EUR 120 billion of incremental quantitative stimulus announced after the scheduled Governing Council meeting earlier this month. Together these actions represent 7.3% of GDP in the common currency area. More will be forthcoming if deemed needed. A statement on the ECB website from President Lagarde asserts that “the coronavirus pandemic is a collective public health emergency unprecedented in recent history” and promises to “do everything necessary within our mandate to help the euro area through this crisis, because the ECB is at the service of the European people.”

Copyright 2020, Larry Greenberg. All rights reserved. No secondary distribution without express permission.

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