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.