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The European Central Bank’s decision to expand the Pandemic Emergency Purchase Programme (PEPP) by €500 billion to a total of €1,850 billion until the end of March 2022 was not unanimous but had a majority, sources told Reuters on Thursday.

“ECB policymakers debated different PEPP package size; €500 billion increase was around the mid-point of numbers on the table,” sources added. “Policymakers were in agreement on the length of the PEPP extension, a 12-month extension was not discussed.”

Market reaction

The EUR/USD pair’s reaction to this headline was largely muted and the EUR/USD pair was last seen gaining 0.38% on the day at 1.2127.