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The pandemic emergency purchase programme – an initial review

Benjamin Böninghausen, León Fernández Brennan, Laura McCabe and Julian Schumacher

Economic Bulletin Articles, 2023, vol. 8

Abstract: This article provides an initial review of the ECB’s pandemic emergency purchase programme (PEPP), with a focus on its objectives, implementation, and effectiveness. The ECB launched the PEPP in March 2020 in response to the extraordinary economic and financial shock brought about by the coronavirus (COVID-19) pandemic. Implementation of the programme was flexible, spreading purchases over time, across asset classes and among jurisdictions. The PEPP was instrumental in supporting market functioning and the transmission of the monetary policy stance, and thus in countering pandemic-related risks to price stability. JEL Classification: E52, E58, E65

Keywords: central bank asset purchases; Monetary policy during the pandemic; pandemic emergency purchase programme (search for similar items in EconPapers)
Date: 2023-01
Note: 2604030
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