Key points for this month:
- For the third month in a row, the share of German securities purchased under the PSPP has been below Germany’s capital key weight. The share of French, Italian, Belgian and Austrian securi-ties stabilized clearly above the capital key weight of their respective countries. The deviation from the capital key rule remained roughly stable.
- The share of Portuguese securities purchased under the PSPP remains strikingly stable, far below Portugal’s capital key weight.
- In June, the average maturity of German purchases rebounded but reached only 5.3 years. It fell dramatically to 5.1 years for Dutch securities and 4.6 years for Finnish securities. On the contrary, the average maturity of supranational bonds climbed to 13.2 years.
- The APP slowed markedly during the last week of June, mostly for the PSPP.
- In June, only 9% of CSPP purchases have been done on the primary market.
- The total amount of assets purchased by the Eurosystem for monetary policy purposes (expanded APP and previous programmes, including SMP) accounts for more than €2 trn. The Eurosystem’s bal-ance sheet now accounts for €4.2 trn (38% of the Eurozone’s GDP).
- There remains only six months of QE: the pressure on the Governing Council will increase during the summer.