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ECB QE Monitor – September 07, 2017


The Eurosystem started its QE in March 2015. The four main episodes have been:


  • March 9 2015 (decision to purchase €60 bn of assets per month until Sept. 2016),
  • December 3 2015 (decision to extend the QE it until March 2017),
  • March 10 2016 (decision to increase monthly purchases from €60 bn to €80 bn from April 2016)
  • December 8 2016 (decision to extend the QE until December 2017 at a reduced monthly pace of €60bn).

For the time being, the Eurosystem has already purchased € 2009 bn of assets under the expanded APP since March 2015, including € 1707 bn under the Public Sector purchase Programme (PSPP) and € 107 bn under the Corporate Sector Purchase Programme (CSPP), and still has to buy € 271 bn of assets until December 2017.




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Key points for this month:

  • The pace of the expanded APP slowed markedly in August, for all the programmes. ABSPP purchases dropped to virtually zero.
  • In August, the average maturity of German purchases under the PSPP remained relatively low, at 5.8 years only, while it fell to 9.9 years in France after a very unusual month (13.8 years in July).
  • The deviation from the capital key rule increased in August. For the fifth month in a row, the share of German securities purchased under the PSPP (25.5% in August) has been below Germany’s capital key weight. The share of French securities purchased climbed to 24.1% for the first time (instead of 20.7%) and is now converging to Germany’s share.
  • The ECB’s balance sheet accounts for 38.5% of GDP. Excess reserves climbed further and are now close to €1800bn.


Amundi Research

ITHURBIDE Philippe , Global Head of Research
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ECB QE Monitor – September 07, 2017
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