On March 10, the European Central Bank (ECB) delivered what is commonly referred to in market parlance as the ‘bazooka’ – a stimulus programme well beyond market expectations. The ECB cut the refinancing rate to 0%; cut the deposit rate to -0.4%; increased its quantitative easing (QE) programme to EUR 80 billion per month and expanded the list of approved assets to include corporate bonds; as well as introducing four new targeted long-term refinancing operation (TLTRO) programmes to provide favourable funding for banks.