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.

  • 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.

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