section_path: Overall economic contraction/Economic recovery programmes
section_name: Economic recovery programmes
paragraph_text: Economic recovery programmes
  
  Nations, cities and other collectives with governance mechanisms worldwide have announced the development and implementation of programmes for guided economic recovery. Some economic recovery programmes include Next Generation EU and Pandemic Emergency Purchase Programme.
  
  Pandemic Emergency Purchase Programme (PEPP)
  
  The Pandemic Emergency Purchase Programme (PEPP) was a monetary policy initiative launched by the European Central Bank (ECB) in March 2020 to mitigate the economic impact of the COVID-19 pandemic. Its primary goals were to maintain price stability, ensure favorable financing conditions across the eurozone, and safeguard the transmission of monetary policy during a period of severe economic disruption. The PEPP allowed the ECB to purchase private and public sector securities flexibly, complementing existing asset purchase programs while addressing the unique challenges posed by the pandemic. The high ability for flexibility in the design of the program is noted as a strategy to keep up with the shifting economic dynamics caused by the global pandemic.