Europe sets up emergency lifeline worth billions
In an attempt to soothe the economic impact of the ongoing pandemic, the European Central Bank (ECB) has started an emergency $820 billion package that will buy government and company dept across the EU, particularly in Greece and Italy. ECB’s CEO Christine Lagarde stated that they are incredibly committed to the euro and plan to combat the economic effects of the pandemic on EU countries.
The Pandemic Emergency Purchase Programme was revealed six days after the ECB previously launched measures that failed to calm markets, which in turn put enormous pressure on the bank to support Europe financially. The asset purchasing program will end once the “crisis phase” is over, but the ECB also stated that it was prepared to continue the program throughout the year. The US Federal Reserve has criticized the ECB over the past few days for failing to support the eurozone.