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The new “bazooka” of the European Central Bank (ECB) has added liquidity to eurozone states whose financial needs will skyrocket due to covid-19. However, the new 750 billion euro debt purchase package (PEPP) and the higher dose of the program that reopened last year are not enough to guarantee full coverage of the additional debt that countries will place more on. the market in 2020. Although, for some countries, such as Portugal, Italy or Spain, it may serve to ‘cover’ the slippage of deficits projected for this year.
However, for seven of the single currency economies, including Germany, France, the Netherlands and Belgium, strengthening the ECB’s dose will not achieve the necessary additional funding. The most serious case is Ireland.
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