EU hails ECB’s Pandemic Emergency Purchase Program (PEPP)
(VOVWORLD) - Top EU leaders on Thursday welcomed the European Central Bank (ECB)'s Pandemic Emergency Purchase Program (PEPP) worth 750-billion-euro bond buying stimulus package and vowed they would do whatever it takes to protect the bloc's economy.
 An EU Summit in Brussels on February 21, 2020. (Photo: AFP/VNA) |
Europe is pursuing a forceful economic response to the Corona Crisis, said Charles Michel, the president of the European Council, adding that no efforts will be spared to contain Covid-19 and shield the economies from further damage.
The ECB surprised markets a week ago by not cutting interest rates as a way to boost economic activity during the coronavirus outbreak. Instead, the ECB unveiled new support to bank lending and expanded its asset purchase program by 120 billion euros.