The European Central Bank on Wednesday announced a huge new money-printing program aimed at keeping the region’s financial system functioning and helping the economy cope with the devastating shock caused by the coronavirus epidemic.
The central bank said it would spend €750 billion ($821 billion) buying government debt and private securities before the end of 2020. And it stands ready to do even more if necessary.
It will buy government and company debt across the eurozone, including that of troubled Greece and Italy.
ECB boss Christine Lagarde tweeted “there are no limits” to its commitment to the euro.
In recent weeks central banks and governments around the world have announced major stimulus plans.
The so-called Pandemic Emergency Purchase Programme comes just six days after the ECB unveiled measures that failed to calm markets, piling pressure on it to do more to support Europe’s economies.
Announcing this latest move Ms Lagarde said the ECB will do everything in its powers to support the euro in these “extraordinary times”.