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The ECB’s €750 billion Pandemic Emergency Purchase Programme

A summary

Against the background of a profoundly weaker economic outlook for the euro area as well as deteriorating financial conditions, the European Central Bank (ECB) took decisive policy action in March 2020. As one of several measures to combat the negative effects of the coronavirus shock (such as those taken in the area of banking supervision), the ECB sizeably stepped up the asset purchases by Eurosystem central banks.

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