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ECB Boosts Emergency Bond-Buying Program by 37% to €1.85T Amid Pandemic Resurgence
The ECB says the additional monetary policy actions were needed because of a resurgence in coronavirus cases.
The European Central Bank Thursday said it would boost the size of an emergency asset purchasing program and extend a bank loan program by a year as a resurgence in coronavirus cases takes a toll on the region's economy.
STORY CONTINUES BELOW
- The pandemic emergency purchase program (PEPP) will increase by €500 billion to €1.85 trillion (US$2.2 trillion), and the horizon for net purchases was extended to March 2022.
- "In any case, the governing council will conduct net purchases until it judges that the coronavirus crisis phase is over," according to a statement.
- The monetary policymakers, led by ECB President Christine Lagarde, also pledged to extend the period of favorable terms on targeted longer-term refinancing operations (TLTRO III) by a year to June 2022.
Read More: Stablecoins 'Pose Serious Risks' to Financial Security, ECB's Lagarde Says
Bradley Keoun
Bradley Keoun is CoinDesk's managing editor of tech & protocols, where he oversees a team of reporters covering blockchain technology, and previously ran the global crypto markets team. A two-time Loeb Awards finalist, he previously was chief global finance and economic correspondent for TheStreet and before that worked as an editor and reporter for Bloomberg News in New York and Mexico City, reporting on Wall Street, emerging markets and the energy industry. He started out as a police-beat reporter for the Gainesville Sun in Florida and later worked as a general-assignment reporter for the Chicago Tribune. Originally from Fort Wayne, Indiana, he double-majored in electrical engineering and classical studies as an undergraduate at Duke University and later obtained a master's in journalism from the University of Florida. He is currently based in Austin, Texas, and in his spare time plays guitar, sings in a choir and hikes in the Texas Hill Country. He owns less than $1,000 each of several cryptocurrencies.
