Christine Lagarde unveils new lending facility

Christine Lagarde, European Central Bank

The European Central Bank launched a new lending facility today (April 30), but did not cut policy rates or expand its asset purchases.

The ECB’s governing council also lowered the rate at which banks can borrow from it. The governing council lowered the rate on the third round of targeted longer-term refinancing operations (TLTRO III) to -1% from -0.75%.

The ECB’s main announcement was the unveiling of its new lending tool, the non-targeted pandemic emergency longer-term refinancing

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