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ECB QE Monitor – July 04, 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 € 1919 bn of assets under the expanded APP since March 2015, including € 1609 bn under the Public Sector purchase Programme (PSPP) and € 97 bn under the Corporate Sector Purchase Programme (CSPP), and still has to buy € 360 bn of assets until December 2017.




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Key points for this month:

  • For the third month in a row, the share of German securities purchased under the PSPP has been below Germany’s capital key weight. The share of French, Italian, Belgian and Austrian securi-ties stabilized clearly above the capital key weight of their respective countries. The deviation from the capital key rule remained roughly stable.
  • The share of Portuguese securities purchased under the PSPP remains strikingly stable, far below Portugal’s capital key weight.
  • In June, the average maturity of German purchases rebounded but reached only 5.3 years. It fell dramatically to 5.1 years for Dutch securities and 4.6 years for Finnish securities. On the contrary, the average maturity of supranational bonds climbed to 13.2 years.
  • The APP slowed markedly during the last week of June, mostly for the PSPP.
  • In June, only 9% of CSPP purchases have been done on the primary market.
  • The total amount of assets purchased by the Eurosystem for monetary policy purposes (expanded APP and previous programmes, including SMP) accounts for more than €2 trn. The Eurosystem’s bal-ance sheet now accounts for €4.2 trn (38% of the Eurozone’s GDP).
  • There remains only six months of QE: the pressure on the Governing Council will increase during the summer.


Amundi Research

ITHURBIDE Philippe , Senior Economic Advisor
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ECB QE Monitor – July 04, 2017
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