ECB to print 1 trillion euro this year to stem coronavirus rout

The European Central Bank launched 750 billion euro emergency bond purchase scheme in a bid to stop a pandemic-induced financial rout from shredding the euro zone’s economy and raising fresh concerns about the currency bloc’s viability.

With much of Europe in lockdown amid the coronavirus outbreak, economic activity has come to a near standstill and markets have been in a tailspin, foreshadowing a deep recession on par with the 2008 global financial crisis and raising questions about the euro zone’s cohesion at times of stress.

Under pressure to act to bring down borrowing costs for indebted, virus-stricken countries such as Italy, the ECB launched a new, dedicated bond-purchase scheme, bringing its planned purchases for this year to 1.1 trillion euro with the newly agreed buys alone worth 6% of the euro area’s GDP.

“Extraordinary times require extraordinary action,” ECB President Christine Lagarde said after an emergency policy meeting late on Wednesday. “There are no limits to our commitment to the euro. We are determined to use the full potential of our tools, within our mandate.”

https://www.reuters.com/article/us-health-coronavirus-ecb/ecb-to-print-1-trillion-euro-this-year-to-stem-coronavirus-rout-idUSKBN21543D

ECB to print 1 trillion euro this year to stem coronavirus rout

ECB to print 1 trillion euro this year to stem coronavirus rout

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