Weekly Economic and Financial Commentary – 23 March, 2020
Last week, the European Central Bank launched a Pandemic Emergency Purchase Programme (PEPP) of private and public sector securities. The PEPP will have an overall envelope of €750 billion, with purchases expected to be conducted until the end of 2020 and will include all the asset categories eligible under the existing asset purchase programme.
Also, the Bank of England increased the holdings of UK government bonds and sterling non-financial investment-grade corporate bonds by £200 billion to a total of £645 billion and reduced the bank rate by 15bps to 0.1%. The Committee also voted unanimously to enlarge the Small and Medium-sized Enterprises scheme.
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