The support from the Bank is on top of a post eurozone debt crisis bond purchase, or quantitative easing, scheme that had already been restarted to shore up lending amid the downturn caused by the US-China trade war.
bond-buying programme sees the ECB buy corporate and government bonds and other financial assets from banks with newly created money.The size of the expansion was greater than some market participants had predicted - helping the euro rally against sterling and the dollar - hitting $1.1256.Shares surged on major European markets as investors were encouraged that the Bank was 'doing whatever it takes' to bolster demand amid the economic slump.
It has been credited with keeping market pressure off a nation that has been among the hardest hit by the pandemic. Hinesh Patel, portfolio manager at Quilter Investors, said:"While it is no surprise to see interest rates left untouched, we were expecting less of an increase in the pandemic bond buying programme given economies across Europe are beginning to reopen and the worst of the crisis appears to be in the rear-view mirror.
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