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ECB QE Monitor – October 03, 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 € 2060 bn of assets under the expanded APP since March 2015, including € 1748 bn under the Public Sector purchase Programme
(PSPP) and € 115 bn under the Corporate Sector Purchase Programme (CSPP).




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Key points for this month:

  • The pace of net PSPP purchases has rebounded in September and came back to pre-summer levels after low net purchases in August.
  • The deviation from the capital key rule increased again (slightly) in September. The respective shares of German and French securities purchased under the PSPP are now very close (respectively 25.5% and 24.2% instead of 26.3 and 20.7%).
  • The share of Finnish securities fell dramatically, to 0.4% of the PSPP (instead of 1.8%). However, the share of Portugal is stable and that of Ireland is climbing.
  • In September, the average maturity of German purchases under the PSPP remained relatively low, at 6.6 years only, while it has kept climbing for supranationals (to 14.3 years).
  • The ECB’s balance sheet accounts for around 38.5% of GDP. Excess reserves climbed further and are now close to €1800bn.


Amundi Research
October 03, 2017

ITHURBIDE Philippe , Senior Economic Advisor
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ECB QE Monitor – October 03, 2017
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