Outdated browser

You are using an outdated browser. DNB.nl works best with:

The ECB has taken several monetary measures during the coronavirus crisis. Their aim is to help the euro area economy withstand the shock of this crisis.

The ECB has taken several monetary measures to support the euro area economy during the coronavirus crisis. The most important measures are:

  • the PEPP temporary purchase programme
  • expansion of refinancing operations
  • easing of collateral requirements.

PEPP temporary purchase programme

In March 2020, the ECB launched the Pandemic Emergency Purchase Programme (PEPP). By means of this temporary purchase programme, the ECB aims to promote the transmission of monetary policy and ease financing conditions. The programme involves the purchase of different types of securities, including government bonds and corporate bonds.

Expansion of refinancing operations 

The ECB is offering additional long-term refinancing operations. A new loan programme has been set up, called PELTRO. This programme allows banks unlimited financing at a rate of 25 basis points below the standard rate of 0%. In addition, the conditions of the TLTRO-III operations have temporarily been made more attractive and additional USD tenders are being offered.  

Easing of collateral requirements

Banks are able to borrow more easily and in larger amounts from the ECB for the provision of credit to their customers. To this end, the ECB has temporarily eased the requirements regarding the collateral that banks provide when borrowing. As a result, banks can temporarily use more assets as collateral. Read more  about the ECB’s monetary measures to support the euro area economy during the coronavirus crisis.