ECB announces €750bn bond purchase scheme

The European Central Bank on Wednesday announced a surprise €750 billion scheme to purchase government and corporate bonds.

The so-called Pandemic Emergency Purchase Programme comes just six days after the ECB unveiled a big-bank stimulus package that failed to calm nervous markets, piling pressure on the bank to open the financial floodgates. The decision came after the bank's 25-member governing council held emergency talks by phone late into the evening.

"The governing council will do everything necessary within its mandate," it said, adding that the size of the asset purchases could be increased if needed.

Better way to prevent recession is for ECB to give each EU adult €10000 after the crisis to spend to boost the EU economies and prevent mass collapse of small businesses.

Lagarde, Lagarde, oh oh

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