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ECB QE Monitor – March 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:

  • 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.



Amundi Research
March 06, 2018

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