Christine Lagarde, head of the IMF. Image: International Monetary Fund
Image: International Monetary Fund

The European Central Bank (ECB) has revealed its plans for a €750 billion emergency support package as it attempts to minimise the impact of Coronavirus.

The head of the ECB, Christine Lagarde, took to Twitter as the measures were announced, saying: “Extraordinary time 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.”

The fund will see the ECB purchase government and company debt throughout the eurozone, particularly in Italy and Greece where the economic situation is particularly perilous.

It comes just six days after the ECB last announced a package of support which was designed to ease uncertainty among investors.

In a statement, the ECB said the scheme would be temporary and would end when it “judges that the Coronavirus Covid-19 crisis phase is over, but in any case not before the end of the year”.

The ECB has faced huge pressure to ‘do more’ to ease the affect on economies across Europe, having seen a co-ordinated plan launched by the UK, US, Japan, Canada, eurozone and Switzerland earlier this week.

The US Federal Reserve cut interest rates to near zero and injected $700bn into the economy before the US Treasury announced a further $1 trillion stimulus package, which includes sending cheques directly to vulnerable Americans.

That was a move then followed by the UK Treasury, which pledged more than £330bn worth of support for small businesses.

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