The European Central Bank has decided to scale back its huge crisis stimulus, announcing its €1.85tn pandemic-response programme will end net purchases in March, but also promised to keep buying bonds for much of next year under a separate scheme.
The central bank said on Thursday that its Pandemic Emergency Purchase Programme (PEPP), launched last year to counter the financial impact of the coronavirus crisis, would lower its pace of net purchases in the first quarter of next year and then halt them in March.
But the ECB cushioned the impact by announcing it would expand its older asset purchase programme (APP) from its current monthly pace of €20bn to €40bn in the second quarter and to €30bn in the third quarter.
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