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ECB QE Monitor – February 06, 2018


The Eurosystem started its QE in March 2015.

The five 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).
  • October 26 2017 (decision to extend the QE until September 2018 at a reduced monthly pace of €30bn)





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Key points for this month:

  • As decided in October, the pace of the ECB’s net purchases has been halved in January. The PSPP has clearly been cut more than the other programs. The net PSPP purchases have fallen by 58% compared to the 3 last quarters of 2017 while the CSPP has fallen by only 11%.
  • Lower net purchases improved (probably temporarily) the feasibility of the net purchases and deviations from the capital key rule diminished drastically compared to 2017. The heavy issuance of January also helped the implementation of the PSPP for several countries.
  • The average maturity of the German PSPP purchases remain low, at 6.8 years. On the contrary, the average maturity of the Italian and Spanish PSPP purchases has increased significantly.
  • Banks’ excess reserves account for almost €1.9 trn. The Eurosystem’s balance sheet is now close to €4.5 trn.



Amundi Research
February 06, 2018

ITHURBIDE Philippe , Global Head of Research
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ECB QE Monitor – February 06, 2018
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