The European Central Bank said it would spend 750 billion euros ($818 billion) buying government debt and private securities to fight the coronavirus crash.
It will buy government and company debt across the eurozone, including that of troubled countries Greece and Italy.
ECB boss Christine Lagarde tweeted that “there are no limits” to its commitment to the euro.
Extraordinary times require extraordinary action. There are no limits to our commitment to the euro. We are determined to use the full potential of our tools, within our mandate. https://t.co/RhxuVYPeVR
— Christine Lagarde (@Lagarde) March 18, 2020
Central banks and governments around the world have announced major stimulus plans In recent weeks.
The so-called “Pandemic Emergency Purchase Program” comes just six days after the ECB unveiled measures that failed to calm markets, piling pressure on it to do more to support Europe’s economies.
Announcing this latest move, Lagarde said the ECB will do everything in its powers to support the euro in these “extraordinary times.”