The ECB’s Monetary Policy Response to the COVID-19 Crisis

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Series Details PE 648.787
Publication Date April 2020
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The coronavirus pandemic is taking a heavy toll on the euro area economy, necessitating a timely and resolute macroeconomic policy response. The ECB's Governing Council acted decisively by taking a series of measures that collectively provide a substantial monetary policy stimulus aimed at safeguarding the effective transmission of monetary policy and preventing a serious deterioration of financial conditions.

This briefing paper provides an overview of the monetary policy measures taken by the ECB until 16 April 2020.

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ECB announces €750 billion Pandemic Emergency Purchase Programme (PEPP) [ECB Press Release, March 2020]

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