Pandemic emergency purchase programme (PEPP)

The ECB’s pandemic emergency purchase programme (PEPP) is a non-standard monetary policy measure initiated in March 2020 to counter the serious risks to the monetary policy transmission mechanism and the outlook for the euro area posed by the coronavirus (COVID-19) outbreak.

The PEPP is a temporary asset purchase programme of private and public sector securities. On 10 December 2020 the Governing Council decided to increase the €1,35 trillion envelope for the PEPP by €500 billion to a total of €1,85 billion, and extended by nine months to at least the end of March 2022.