Bundesbank President Jens Weidmann: “Wide-reaching measures are crucial”
Despite differing points of view being raised in the consultations on the ECB’s new asset purchase programme, it was unanimously agreed that action needs to be taken in light of the corona crisis. “Now it is a matter of implementing the programme in an appropriate way,” said Bundesbank President Jens Weidmann in an interview with the German newspaper “Die Welt”.
Corona pandemic causing German economy to slide into pronounced recession
Germany is facing unprecedented challenges as a result of the rapid spread of the coronavirus pandemic, according to the Bundesbank’s latest Monthly Report. The experts regard a slide into a marked recession as being unavoidable. An economic recovery would set in only when the pandemic risk had been effectively brought under control.
Coronavirus crisis: ECB announces new asset purchase programme
Given the escalating diffusion of the coronavirus, the European Central Bank (ECB) has launched a new, temporary asset purchase programme. Under this programme, the Pandemic Emergency Purchase Programme (PEPP), the ECB will purchase a total of €750 billion worth of assets by the end of 2020.