Most analysts expect the European Central Bank to significantly increase asset purchases under the Pandemic Emergency Purchase Programme (PEPP) on June 4.

The increasingly dark economic outlook created by Covid-19 has forced the ECB to take unprecedented steps since March. These have included lowering collateral standards in its refinancing operations, offering liquidity for the first time at rates below the deposit rate of -0.5% and buying assets across the eurozone in record amounts.

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