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12th March 2020
European Central Bank launches further monetary stimulus

The European Central Bank (ECB) has launched a plan of further stimulus in an attempt to counter the negative impact of the coronavirus on the eurozone economy. ECB President, Christine Lagarde, announced today further loosening of monetary policy, with a planned 120 billion euros of bond purchases by the end of the year, although the main deposit rate will remain unchanged at its record low of minus 0.5 per cent. This is on top of their existing commitment to buy 20 billion euros of bonds a month. The central bank also said it would launch a new program of cheap loans for banks as a temporary measure until June. European stocks continued to decline after the announcement, while European debt broadly weakened.