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The ECB increased the size of its Pandemic Emergency Purchase Programme to 1.35 trillion euros from 750 billion euros and extended it until June 2021 at the earliest, with a pledge to reinvest proceeds until at least the end of 2022. Euro zone businesses suffered another devastating contraction in activity in May and while there are signs the worst is over, it could be months before there is a return to growth, a survey showed on Wednesday.
Hope for a pan-European recovery fund and a raft of ECB easing measures since March, including massive purchases of commercial paper, have also helped restore sentiment.
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