ECB drops bond-holding limits for crisis response

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The European Central Bank: changes published on March 25

The European Central Bank has dramatically increased the scope of the €750 billion Pandemic Emergency Purchase Programme (PEPP) it unveiled last week, removing self-imposed limits on how many bonds it can hold from individual countries.

The ECB’s governing council announced the changes in a legal decision published late on March 25.

“Purchases under the PEPP shall be conducted in a flexible manner, allowing for fluctuations in the distribution of purchase flows over time, across asset classes

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