FRANKFURT – The European Central Bank has boosted its pandemic emergency support program by 600 billion euros to 1.35 trillion euros ($1.5 trillion) in an effort to keep affordable credit flowing to the economy during the steep downturn caused by the virus outbreak.
The central bank for the 19 countries that use the euro also extended the monetary stimulus program to at least the end of June next year, from the end of 2020 currently.
ECB President Christine Lagarde will give her assessment of the economy at a news conference after the meeting, which due to the pandemic was held by teleconference among the 25 members of the bank’s governing council.