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ECB QE Monitor – June 06, 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 € 1870 bn of assets under the expanded
APP since March 2015, including € 1568 bn under the Public Sector purchase Programme (PSPP) and €
91 bn under the Corporate Sector Purchase Programme (CSPP), and still has to buy € 410 bn of assets
until December 2017.




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Key points for this month:

  • Very interestingly, for the second month in a row, the share of German securities purchased under the PSPP has been below Germany’s capital key weight. The share of the Spanish and Dutch securities fell while the share of French and Italian securities kept increasing. The deviation from the capital key rule continues to intensify, slowly but surely.
  • The share of Portuguese securities purchased under the PSPP remains strikingly stable, far below Portugal’s capital key weight.
  • In May, the average maturity of German purchases reached a new low, at 3.98 years only. The Bundesbank continued to purchase securities with very negative yields, very likely below the negative deposit rate. On the contrary, the average maturity of French purchases hit 10.7 years  in May, a new high.
  • In May, 19% of CSPP purchases have been done on the primary market, the highest level since the launch of this programme.
  • The total amount of assets purchased by the Eurosystem (expanded APP and previous programmes, including SMP) reached €2 trn for the first time. The Eurosystem’s balance sheet now accounts for 38% of the Eurozone’s GDP.


Amundi Research

ITHURBIDE Philippe , Senior Economic Advisor
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ECB QE Monitor – June 06, 2017
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