On Wednesday, the 18th of March 2020, the European Central Bank (ECB) had initiated a €750 billion ($818 billion) bond purchase program in a coronavirus-led emergency measure to keep a lid on the borrowing costs in the bloc which had been scuffling to counter the financial fallouts of the Covid-19 outbreak, as the total number of coronavirus cases in Central Europe had surpassed those of China on Wednesday (March 18th).
In tandem, followed by an emergency meet of ECB policymakers on Wednesday (March 18th), ECB said in a statement, “Purchases will be conducted until the end of 2020 and will include all the asset categories eligible under the existing asset purchase programme.
” More importantly, latest measure of ECB’s Lagarde would include Greek debts as well, which had long been shunned in ECB’s bond purchase programs because of its low-credit rating. Apart from that, as the European Central Bank said its €750 billion bond purchase program would continue until an ease of the crisis-phase of coronavirus pandemic, ECB Chair Lagarde said shortly after the ECB announcement on Wednesday (March 18th), “Extraordinary times require extraordinary action, There are no limits to our commitment to the euro.
We are determined to use the full potential of our tools, within our mandate. ”