The European Central Bank reached its target of €60 billion in monthly bond purchases under a new stimulus program launched in March, a sign of resolve that the bank will eventually pump more than €1 trillion in freshly created money to stoke the European economy and boost inflation.
According to the ECB’s weekly report on its asset purchase program released Tuesday, the bank settled €11.5 billion in public debt purchases last week. For March as a whole, the ECB settled €47.4 billion in government bonds and debt issued by European Union institutions.
When purchases of covered bonds and asset-backed securities–under programs launched last year–are included, “the ECB achieved its monthly target of 60 billion in March,” the ECB said in its report.
Because government debt purchases only began March 9, hitting the monthly €60 billion milestone was symbolically important to show the ECB’s determination to eventually pump €1.1 trillion into the eurozone economy by September 2016 under the asset purchase programs.
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