"Extraordinary times require extraordinary action. There are no limits to our commitment to the euro. We are determined to use the full potential of our tools, within our mandate," European Central Bank (ECB) President Christine Lagarde posted on Twitter.
The ECB Governing Council decided to launch a new temporary asset purchase programme of private and public sector securities to counter the serious risks to the monetary policy transmission mechanism and the outlook for the euro area posed by the outbreak and escalating diffusion of the coronavirus, COVID-19.
This new Pandemic Emergency Purchase Programme (PEPP) will have an overall envelope of 750 billion euros. Purchases will be conducted until the end of 2020 and will include all the asset categories eligible under the existing asset purchase programme, it said in an announcement.