ECB says pandemic measures have been effective

European Central Bank
The European Central Bank headquarters, Frankfurt

The European Central Bank’s response to the coronavirus pandemic prevented a major rise in eurozone debt yields, its latest economic review argues.

The ECB’s emergency measures may also have averted a crisis in its financial markets, says an article by John Hutchinson and Simon Mee in the review. 

In a series of decisions in March, the ECB increased the size of its existing asset purchase programme (APP) and then introduced a new pandemic emergency purchase programme (Pepp).

Hutchinson and

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