The European Central Bank increased its emergency COVID-19-related asset purchase program by €600 billion ($666 billion) to €1.35 trillion.
The central bank launched its €750 billion Pandemic Emergency Purchase Program in March in an effort to "counter the serious risks" posed to the region by the coronavirus crisis.
The ECB also extended the time frame of purchases under its emergency measure, which is in addition to a €20 billion a month asset purchase program that has been in place since November. PEPP will now run until at least the end of June 2021. PEPP was originally set to run until the end of this year.
Maturities will be reinvested until at least the end of 2022.
"The PEPP expansion will further ease the general monetary policy stance, supporting funding conditions in the real economy, especially for businesses and households," Christine Lagarde, president of the ECB, said Thursday in a press conference announcing the bank's monetary policy decisions. "Purchases will continue to be conducted in a flexible manner — over time, over asset classes and among jurisdictions. This allows us to effectively stave off risks to the smooth transition of monetary policy," she said.