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(05 June 2020) - At yesterday’s meeting the Governing Council of the ECB decided to increase the pandemic emergency purchase programme (PEPP) by €600 billion to a total of €1,350 billion.

ECB / BCE
© Joaquim Ribeiro

The horizon for net purchases under the PEPP will be extended to at least the end of June 2021. In any case, the Governing Council will conduct net asset purchases under the PEPP until it judges that the coronavirus crisis phase is over.

The maturing principal payments from securities purchased under the PEPP will be reinvested until at least the end of 2022. In any case, the future roll-off of the PEPP portfolio will be managed to avoid interference with the appropriate monetary stance.

Net purchases under the asset purchase programme (APP) will continue at a monthly pace of €20 billion, together with the purchases under the additional €120 billion temporary envelope until the end of 2020.

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