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 in January 2020 increased at €20.3bn versus €15bn in December 2019.
- The average maturity of bonds redeemed under the PSPP was relatively stable around 8.1 and 6.4 respectively in Spain and Germany.
- Monthly purchases: €12.3bn (€12.5bn in December)
- PSPP monthly share of QE slowed to 60% versus 81 % in December 2019.
- As of 31 January 2020, the Eurosystem had bought €2,115bn of bonds under the PSPP.
- Monthly purchase: €4.6bn (€1.8bn in December 2019)
- CSPP monthly share of QE increases at 23% in January 2020 (same level in November 2019 when QE restarted). Since the relaunch of QE, the share of CSPP has increased particulary rising to 23%.
- As of 31 January 2020, the Eurosystem had bought €189bn of Corporate bonds under the CSPP.
- PSPP Redemption in January 2020: €24.8bn (after €11bn in December 2019).
- €192bn of PSPP redemptions until January 2021 (€16bn per month).
- €16bn of CSPP redemptions until January 2021 (€1.3bn per month).