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European Central Bank: Pandemic Emergency Purchase Programme

The spreading of COVID-19 imposed the adoption of a temporary extraordinary monetary policy started in March 2020 known by the acronym of “PEPP” – Pandemic Emergency Purchase Programme.

The PEPP consists of a temporary purchase of securities of the private and public sectors for an amount of 750 billion euros; it will include all the eligible asset categories under the Asset Purchasing Programme, and will be carried out until the end of 2020.

The aim of the Programme is to support European citizens during this extremely difficult time ensuring that all the sectors of the economy can take advantage from eased financing conditions, helping them bearing the negative impact of the Pandemic.

The ECB is committed in:

  • “Increase the size and adjust the composition of its Asset Purchasing Programmes”
  • “Buy as much as necessary and for as long as needed”
  • “Assess all options and contingencies to support the economy”

The ECB also announced that it “will not tolerate any risks to the smooth transmission of its monetary policy in all jurisdictions of the euro area.


ECB Press release

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Pandemic emergency purchase programme (PEPP)

Asset Purchase Prorammes