We would probably have a depression, a very profound depression at global level. The threat was grave and immediate. That is one of the reasons why we have to be sure that we have much more solid and resilient global finance and global economy. Is the euro area economy in worst shape than the US economy? Is the US recovering faster?
Last month the ECB started a new Pandemic Emergency Purchase Programme (PEPP), buying both public and private sector bonds up to 750 billion euros to ensure favourable financing conditions. Together with its other programmes, the ECB’s net asset purchases will amount to more than 1 trillion euros this year.