EU flag (Source: Unsplash)
The European Central Bank (ECB) rolled out a $820 billion emergency fund to ease the financial pressure on its member countries. Dubbed the Pandemic Emergency Purchase Programme, the apex bank will buy government and company bonds across the continent — including the troubled markets of Italy and Greece.
Christine Lagarde, ECB chief, tweeted that “there are no limits” to the bank’s commitment to the Euro.
The European Union Commission announced its own $43 billion Corona Investment Fund to help businesses, healthcare systems and other stressed sectors.
The commission also added that the existing EU investment fund will guarantee $9.3 billion in loans to 100,000 small and medium enterprises (SMEs). Businesses who are struggling to meet loan settlements will also be allowed to delay their payment.