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.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish group, owner of Bullish, a regulated, institutional digital assets exchange. Bullish group is majority owned by Block.one; both groups have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.