• ECB QE Monitor
    • EN
20.01.2020 12

ECB QE Monitor - December 2019

Published January 20, 2020

5 to 10 minutes

5 to 10 minutes


The Eurosystem started its QE in March 2015.

The 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)
  • June 14 2018 (decision to announced the end of QE in December 2018)
  • October 30 2019 (with the arrival of Christine Lagarde replacing Mario Draghi, decision announced to restart its QE: purchase €20bn of assets per month without end date)

Key points for this month

· Net APP purchases purchases in December slowed at €15.4bn after a sharp €24bn resumption of purchases in November

  • The average maturity of bonds redeemed under the PSPP was relatively stable at around 8.2 and 6.3 respectively in Spain and Germany
  • Monthly purchases: €12.5bn (€14.5bn in November)
  • PSPP monthly share of QE increased to 81% versus 60 % in November 2019
  • Net purchases concentrated mainly in France with €5.3bn
  • As of 31 December 2019, the Eurosystem had bought €2,103bn of bonds under the PSPP
  • Monthly purchase: €1.8bn (€5.9bn in November)
  • CSPP monthly share of QE decreases at 12% in December. Since the relaunch of QE, the share of CSPP has increased particularly rising to 23%
  • As of 31 December 2019, the Eurosystem had bought €185bn of Corporate bonds under the CSPP
· Reinvestment
  • PSPP Redemption in December €11bn (after €11bn in November)
  • €202bn of PSPP redemptions until December 2020 (€16.8bn per month)
  • €16bn of CSPP redemptions until December 2020 (€1.3bn per month)


To find out more, download the full article

This website is solely for informational purposes.
This website does not constitute an offer to sell, a solicitation of an offer to buy, or a recommendation of any security or any other product or service. Any securities, products, or services referenced may not be registered for sale with the relevant authority in your jurisdiction and may not be regulated or supervised by any governmental or similar authority in your jurisdiction.
Furthermore, nothing in this website is intended to provide tax, legal, or investment advice and nothing in this website should be construed as a recommendation to buy, sell, or hold any investment or security or to engage in any investment strategy or transaction. There is no guarantee that any targeted performance or forecast will be achieved.

Get in touch with us

Our online help service is available to answer your question

My personal information

If you have a question about our company or one of our products, please complete the form to get in touch. Please do not mention your account numbers or critical data in this form.


(*) Required fields
All our job offers (Permanent and temporary position, Internship, Apprenticeship or VIE) are available on our dedicated website: https://jobs.amundi.com.

Register and apply directly online.

Amundi on Twitter