The European Central Bank on Thursday significantly expanded and extended its stimulus efforts as it moved to counter the impact of the sharp rise in COVID-19 cases this fall. Following its Governing Council meeting, the ECB said it would expand the size of its pandemic emergency purchase program, or PEPP, by 500 billion euros to 1.85 trillion euros and extend monthly purchases by 9 months to March 2022. The ECB also said it would continue buying 20 billion euros a month in securities through its asset purchase program, and that the program would run as long as necessary. The ECB also tweaked a program of cheap loans to banks aimed at boosting lending across the eurozone and said it would extend collateral easing measures. As expected, interest rates were left unchanged. In the announcement, the ECB said uncertainty remained high "including with regard to the dynamics of the pandemic and the timing of vaccine roll-outs." The ECB siad it would "also continue to monitor developments in the exchange rate with regard to their possible implications for the medium-term inflation outlook."
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December 10, 2020 at 07:58PM
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ECB expands stimulus program, says it will continue to monitor exchange rate - MarketWatch
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