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ECB QE Monitor – August 08, 2017


The Eurosystem started its QE in March 2015. The four 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).

For the time being, the Eurosystem has already purchased € 1992 bn of assets under the ex-panded APP since March 2015, including € 1671 bn under the Public Sector purchase Programme (PSPP) and € 103 bn under the Corporate Sector Purchase Programme (CSPP), and still has to buy € 288 bn of assets until December 2017.




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Key points for this month:

  • The deviation from the capital key rule has been less intense in July as the share of French securities declined slightly. The share of German securities remains slightly below Germany’s weight at the ECB capital.
  • The average maturity of German purchases remained low at 5.3 years in July. However, the average maturity has increased for French and Italian securities to reach new highs (respective-ly 14.7 and 10.8 years)
  • There has been no slowdown of APP purchases in July.
  • The Eurosystem holds now more than €400 bn.
  • The amount of banks’ excess reserves hit €1750 bn.


Amundi Research

ITHURBIDE Philippe , Senior Economic Advisor
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ECB QE Monitor – August 08, 2017
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