The European Central Bank launched 750 billion euro emergency bond purchase sche...
FRANKFURT - The European Central Bank launched 750 billion euro emergency bond purchase scheme in a bid to stop a pandemic-induced financial rout from shredding the euro zone’s economy and raising fresh concerns about the currency bloc’s viability.
“Extraordinary times require extraordinary action,” ECB President Christine Lagarde said after an emergency policy meeting late on Wednesday. “There are no limits to our commitment to the euro. We are determined to use the full potential of our tools, within our mandate.” Although it will still buy government bonds according to each country’s shareholding in the bank, the so-called capital key, the ECB said it would be flexible and may deviate from this rule.
Greek finance minister Christos Staikouras said the decision made about 12 billion euros in Greek government debt eligible for purchases, a vital support for a country that relies heavily on tourism income. However, the ECB left its minus 0.5% deposit rate unchanged just as it did last Thursday, another sign that policymakers may now see a further cut doing more harm than good.
FILE PHOTO: European Central Bank President Christine Lagarde gestures as she addresses a news conference on the outcome of the meeting of the Governing Council, in Frankfurt, Germany, March 12, 2020. REUTERS/Kai Pfaffenbach
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