• ECB QE Monitor
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8.03.2021 294

ECB QE Monitor - March 2021

Published March 8, 2021

5 to 10 minutes

5 to 10 minutes

Key points for this month

  • In February, the ECB bought €59.9bn under the PEPP and €20.9bn under the APP.
  • The ECB's balance sheet is now equivalent to 61% of euro area GDP compared to 39% at the start of 2020.
  • PEPP:
    • The ECB already used up around €870bn or 47% of its €1,850 billion PEPP envelope. The program will end in March 2022.
    • Decline in the pace of PEPP purchases over the past three months: purchases evolved within a range of € 50-60 billion.
    • Strong tilt of the PEPP towards public debt. Public sector securities were close to 100% of PEPP purchases in Dec20-Jan21. The weight of Supranationals is increasing (10% in Dec20-Janv21).
    •  The ECB only publish details of PEPP composition on a bimonthly basis and the next one will be in early April 2021.
  •  APP
    • In February 2021, ECB net asset purchases under APP declined to €20.9bn versus €17.9bn in January.
    • In February 2021, APP by programme:  PSPP (€15.1bn; 72.2% of total), CSPP (€4.1bn; 19.4%), CBPP3 (€1.5bn; 7.3%) and ABSPP (€0.2bn; 1%).
    • Limited deviations from the capital key. In February2021, deviation of PSPP purchases from capital key proportions was in favor of Germany and Italy against France and Spain, likely due to redemption smoothening.
  • Redemptions:
    • APP redemptions in February2021 will total €13.6bn, of which €10.3bn will be PSPP redemptions. Between February 2021 and February 2022, total APP redemptions will be €249bn, of which €189bn will be PSPP redemptions



  • The ECB is closely monitoring the evolution of long-term yields.
  • The ECB has room for maneuver to accelerate its purchasing pace under the current program.


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