The President of the European Central Bank (ECB), Christine Lagarde, attempted to justify, on Monday 8 June, the merits of the PEPP massive repurchase of essentially public securities, as well as the recent extension of the scope and duration of this operation (see EUROPE B12499A1), launched in mid-March in response to the Covid-19 pandemic.
“Extraordinary circumstances call for extraordinary measures. PEPPis definitely an extraordinary measure. It is temporary, it is targeted, it is...