The ECB’s Monetary Policy Response to the COVID-19 Crisis

Briefing 18-06-2021

(Updated 18 June 2021) The COVID-19 pandemic was an unprecedented shock to the euro area economy. The ECB's Governing Council took a series of measures that collectively provided a substantial monetary policy stimulus aimed at safeguarding the effective transmission of monetary policy and preventing a serious deterioration of financial conditions. This briefing, which is reguarly updated since March 2020, summarises these monetary policy measures.