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ECB vows to keep stimulus until next summer

ECB vows to keep stimulus until next summer

After holding the headline interest rate at 0% and the deposit rate -0.5%, the ECB continued its pledge to keep stimulus until next summer to help the economy overcome the negative repercussions of the Covid-19.

“The Governing Council will continue its purchases under the pandemic emergency purchase programme (PEPP) with a total envelope of €1,350 billion,” the ECB said.

“The Governing Council will conduct net asset purchases under the PEPP until at least the end of June 2021 and, in any case, until it judges that the coronavirus crisis phase is over.

The euro traded slightly higher versus the U.S. dollar at 1.1412, recovering from the session’s bottom of 1.1378.

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