On the monetary policy front, the Governing Council of the ECB responded rapidly with sizeable measures, including a Pandemic Emergency Purchase Programme (PEPP) and the Pandemic Emergency longer-term refinancing operations (PELTROs).
The envelope for PEPP alone is € worth of assets, or approximately 11 per cent of euro area Gross Domestic Product (GDP) [which can be purchased on the secondary market under this programme, until the end of June 2021]. Furthermore, additional monetary policy accommodation was provided through an increase in the existing Asset Purchase Programme.