The European Central Bank has been lagging other central banks regarding the scope of additional measures to combat the consequences on the global economy and financial markets of the spread of Covid-19. Late yesterday evening they delivered. The “Pandemic Emergency Purchase Programme (PEPP) adds EUR 750 billion in asset purchases to the existingones until end of the year, for the first time including Greek bonds as well as commercial paper from non-financial institutions. This means that, until December, the ECB will buy a monthly average of around EUR 100 billion instead of the current EUR 20 billion. Not surprisingly, the programme will be more flexible.
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