The ECB’s Monetary Policy Response to the COVID-19 Crisis

06-05-2020

The coronavirus pandemic is taking a heavy toll on the euro area economy, necessitating a timely and resolute macroeconomic policy response. The ECB's Governing Council acted decisively by taking a series of measures that collectively provide a substantial monetary policy stimulus aimed at safeguarding the effective transmission of monetary policy and preventing a serious deterioration of financial conditions. This is an update as of 6 May 2020, and it includes most recent Governing Council decisions as well as a reference to the judgement of the German Constitutional Court on the ECB’s Public Sector Purchase Programme.

The coronavirus pandemic is taking a heavy toll on the euro area economy, necessitating a timely and resolute macroeconomic policy response. The ECB's Governing Council acted decisively by taking a series of measures that collectively provide a substantial monetary policy stimulus aimed at safeguarding the effective transmission of monetary policy and preventing a serious deterioration of financial conditions. This is an update as of 6 May 2020, and it includes most recent Governing Council decisions as well as a reference to the judgement of the German Constitutional Court on the ECB’s Public Sector Purchase Programme.