Key points for this month:
- February’s figures confirm the trend of January : the PSPP has been cut much more in 2018 than the CSPP. Like in January, the deviations to the capital key rule have been limited.
- The PSPP holdings account for €1934 bn, including €469bn of German securities.
- The average maturity of the PSPP purchases has risen for the main countries, including Germany.
- The ECB’s balance sheet size is approaching 40% of GDP.
March 06, 2018