The European Central Bank increased its Pandemic Emergency Purchase Programme by a further 600 billion euros on Wednesday. One analyst said: "With these decisions, the ECB clearly surprised the market on the dovish side, as reflected in significantly lower peripheral yield spreads over bunds" during the ECB's announcement.Markets Insider rounded up some of the most exciting reactions below.
"The ECB has thrown the kitchen sink at the Covid-19 pandemic in an effort to stabilize and reignite the Eurozone economy.""European stocks dropped after she noted that the ECB hasn't yet discussed adding corporate junk bonds to PEPP." "Financial markets should overall be happy with the ECB and any weakness should be short-lived and seen as a classic 'buy the rumor, sell the news' event.""Coming shortly after the recent moves towards establishing a joint European fiscal response, and Germany's fresh fiscal stimulus announced last night, this should help to sustain the positive sentiment towards the euro-zone for a while longer.
"But the Bank's monetary policy grandees have clearly decided that worries about inflation must wait for another day. Now their focus is entirely on seeing off the existential crisis that Europe's looming depression poses."
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